Otto Finalizes Stake Increase in Galoc Field


Galoc Field
(Click to Enlarge)

Otto has now completed the transaction with Vitol previously announced on August 12, 2011. Otto has increased its stake in the Galoc Oil Field to a 33% direct working interest by acquiring 100% of the equity in the Operator, Galoc Production Company WLL.

Otto would like to thank Vitol for the good nature in which the deal has been conducted and wish Vitol well in their future endeavors.

Otto is now focused on progressing the Phase II Development at the Galoc Oil Field.

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