Update: All clear for Hawkeye well spud in Q3
Otto Energy (OEL) has announced a farm-out deal with independent E&P Red Emperor Resources (RMP) for a 15% working interest in the offshore Philippine block SC55. Otto is now fully funded to drill the Hawkeye-1 exploration well, has retained operator control and significantly reduced its financial exposure to the well. Otto has now contracted a deepwater rig at attractive day rates, and is on track to spud Hawkeye-1 in early Q3. The next catalysts after Hawkeye should be two frontier exploration wells onshore Tanzania in 2015-16. Otto is in the enviable and unusual position of an E&P that is fully funded for three near-term exploration wells, targeting 161mmboe of net unrisked resource. The stock trades below our core NAV of A$0.11/share, while our revised RENAV is A$0.21/share.Otto Energy is engaged in investment in oil and gas exploration and development in Turkey, the Philippines, Italy and Argentina.
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