Otto began phasing back spending in the Philippines last year when it sold off its 33% share in th Galoc oilfield to fellow Australian company Nido Petroleum for US$108 million.
“When we announced that … a lot of people asked us why were we divesting our key production asset and becoming an appraisal and exploration company, where most people saw cash flow certainty as very important,” Otto chief executive Matthew Allen told delegates at the RIU Good Oil Conference in Fremantle.
