8746209f60e32ba577614a.pdf
1 October 2015
Manager of Company Announcements ASX Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement HIGHLIGHTS:
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Invests US$7 million in Alaskan North Slope Acquisition with Great Bear Petroleum
Otto Energy Ltd (ASX: OEL) ('Otto') is pleased to announce that is has made a final payment of US$7 million to Great Bear Petroleum to earn an 8% and 10.8% working interest in two areas of Alaskan North Slope acreage held by Great Bear Petroleum. Full details of the Great Bear opportunity are included in Otto's ASX release dated 5 August 2015.
The decision to make this final investment follows extensive due diligence and field trips to the Alaskan North Slope by the Otto team to review the opportunity with Great Bear Petroleum.
Otto will participate in a future drilling program with a total capped exposure of US$6 million in up to three wells. Otto is not currently required to make a decision on the option to acquire an 8% interest in a further 22,804 acres which includes the recently drilled exploration well (Alkaid-1).
Otto will provide an updated investor briefing in the coming weeks on the future of the opportunity, following Otto's recent field trips.
OTTO AT A GLANCE
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ASX-listed oil and gas company with a strategy to grow an integrated petroleum business through high impact exploration
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Focused on conventional oil plays in proven petroleum provinces
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Formerly Operator of the producing Galoc oil field in the Philippines
COMPANY OFFICERS
Rick Crabb Chairman Matthew Allen MD & CEO Ian Macliver Director Rufino Bomasang Director John Jetter Director
Ian Boserio Director
Craig Hasson CFO
Neil Hackett Company Secretary
Matthew Allen, Otto's Managing Director and CEO said: 'Participation in exploration and appraisal on the Alaskan North Slope presents a unique and highly prospective opportunity for Otto shareholders. We look forward to working with Great Bear Petroleum's team to execute the upcoming exploration and appraisal program.'
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Contact: Matthew Allen
Managing Director & Chief Executive Officer
+61 8 6467 8800
[email protected]
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Media: Matthew Gerber
Citadel-MAGNUS
+61 2 8234 0113
[email protected]
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32 Delhi Street, West Perth WA 6005 Australia PO Box 1414, West Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801
[email protected] ASX Code: OEL ABN: 56 107 555 046