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Thursday, 24 July, 2008, 10:40 GMT | more prices >>

Otto share sale to fund Philippines hunt



By Upstream staff 

Otto Energy has reached an agreement with Max Capital and Patersons Securities for a A$11 million (US$9.7 million) share placement that will allow it to further develop its exploration activities in the Philippines.

Otto said that 36.73 million shares will be allotted to clients, including new international and domestic institutional investors.

The proceeds of the placement will help Otto to aggressively pursue its ongoing exploration and development of its Philippines assets, including the acquisition, interpretation and processing of a 2D and 3D seismic programme.

The capital will also allow Otto to meet the payment obligations for a multi-purpose semi-submersible drilling and production rig, the company said.


Wednesday, 25 July, 2007, 02:04 GMT  | last updated: Wednesday, 25 July, 2007, 02:04 GMT

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