As a result of this strategic acquisition, Otto now controls one of the largest publicly owned acreage holding in offshore Philippines, with a total area of over 15,000 sq km (over 3.7 million acres).
Otto has issued 15,000,000 Shares and 7,500,000 Listed Options (20 cents, 1 Dec 2006) in part consideration for the acquisition (as approved by Shareholders on 18 August 2006), together with a cash payment of A$2.5 million. The securities are subject to a voluntary escrow period of 12 months unless a formal takeover offer is made for Ottoman shares or the Calauit 1B well is re- entered.
Ottoman's Managing Director Dr Jaap Poll said "Following the successful completion of the NorAsian acquisition Otto is now a major player in the Philippines. The company expects that it will now be able to finalise the long term drilling rig cum production platform procurement requirements to bring the Calauit Oil Field in production towards the end of 2007. We are aiming to firm up soon the current non-binding Letter of Intent on a Bare-Boat Charter for a new-build Multi Purpose Semi Submersible ("MPSS") rig."
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