Update: More American pie
Otto’s A$1.2m in a share acquisition of 100% of Borealis follows swiftly onthe recent further farm-out of Hawkeye-1 to Pryce Gases and rapid drilling
of the initial stages of the well. Crucially, the acquisition gives Otto, in
stages, a greater exposure to the Alaskan Great Bear exploration acreage
and development. We see these moves as value accretive, with Otto
utilising its cash wisely, giving shareholders exposure to a potentially very
rewarding play.
Otto Energy is engaged in investment in oil and gas exploration and development in Turkey, the Philippines, Italy and Argentina.
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