Otto has agreed with Byron Energy on a staged farm-in into upwards of three three lease areas held by Byron in the Louisiana area; two are in shallow water and one is onshore.
The three permits are called SM 6, SM 70/71 and Bivouac Peak.
Otto, which last July sold its interest in the Galoc oilfield off the Philippines for US$108 million, said the new US assets represent "a low-cost, high-chance of success entry point" into the Gulf area.
Otto
