22450f8f954897dd1a800b.pdf
1 October 2015
Manager of Company Announcements ASX Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement
US$21.3 million Hawkeye-1 drilling contribution received from BHP Billiton
Otto Energy Limited (ASX:OEL) ('Otto') is pleased to announce that it has received US$21.3 million due from BHP Billiton Petroleum in respect of the recently completed Hawkeye-1 drilling operations offshore the Philippines.
The initial payment represents the bulk of the contribution by BHP Billiton of up to US$24.5 million towards the cost of the Hawkeye-1 well. The final payment will be received in Q4 2015 once the total well cost is confirmed.
Otto's Managing Director, Matthew Allen said: 'Completion of the Hawkeye drilling operations ahead of schedule and below budget has left Otto with a very strong balance sheet. Otto currently has over US$30 million in available funds to pursue our growth strategy, this represents over A$0.04 per share in cash backing. The amounts referenced above include the recent final payment of US$7 million to Great Bear Petroleum.
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
Otto has secured an attractive entry into the prolific Alaskan North Slope oil province which gives Otto shareholders the opportunity to participate in a material exploration and appraisal program in the forthcoming two winter operational
seasons. Otto also has a fully funded exploration drilling program in Tanzania in 2016, including the drilling of the exciting Kito prospect.'
~Ends~
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