Otto completes Turkish stake sale
Otto Energy has finalised the sale of part of its Erdine, Catalca and
Ortakoy licences in Turkey to Incremental Petroleum for a total of $5.5
million.
Otto has sold 30% of the Erdine licence and 60% each of the Catalca and
Ortakoy licences.
The Australia-based company said it would use the funds received to pay for
its ongoing exploration programsme and appraisals, as well as the
development of its existing discoveries to first gas sales.
Otto also said the 149 line kilometre 3D survey at the Erdine licence was
now 65% complete and would be finished by the end of September.
The survey has been designed to cover the central and so far most
prospective part of the permit, including the three existing gas discoveries.
The processed and interpreted data should be available in time to finalise
well locations for a drilling campaign commencing late 2007, Otto said.
Otto has a 35% working interest in the Erdine licence, alongside Incremental
(45%) and joint operators Merty Energy (10%) and Petrako (10%).
22 August 2007 01:41 GMT
| last updated:
22 August 2007 02:39 GMT
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