Update: Northern lights
With the spudding of the Hawkeye-1 well in the Philippines due imminently, Otto has announced a departure from its historic core operating areas to take a small working interest in the highly prospective North Slope of Alaska. Otto has signed an LOI and taken an equity stake (40%) with private Australian company Borealis Petroleum, which is currently farming into Great Bear Petroleum’s acreage. At the equivalent of US$342/acre and with three wells to be drilled in early 2016, newsflow over coming months has the potential to be very value-accretive. Adjusting for the Galoc sale and dividend, our RENAV is A$0.15/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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