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Tuesday, 02 December, 2008, 13:10 GMT | more >>

Otto to boost coffers by $4.6m



By Upstream staff 

Australian oil and gas exploration and development company Otto Energy has announced a share placement that it anticipates will raise A$6 million (US$4.6 million) in capital.

A total of 37.5 million shares will be issued at a price of $0.16 per share.

According to the company, the placement has been heavily oversubscribed, with interest from leading London-based and Australian institutions.

The proceeds of the placement will be used for capital expenditure and exploration and appraisal of the Otto’s Philippines oil and gas assets, as well as appraisal and development of its Turkish gas assets and pre-drilling work on an Argentina exploration project.


Wednesday, 31 January, 2007, 02:25 GMT  | last updated: Wednesday, 31 January, 2007, 02:45 GMT

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