Otto Energy gets $21.3M from BHP Billiton for Hawkeye-1 drilling. Invests in Alaska

Otto Energy Limited has received $21.3 million due from BHP Billiton Petroleum in relation to the recently completed Hawkeye-1 well drilling offshore the Philippines.

According to Otto Energy’s press release issued on Thursday, the initial payment represents the bulk of the contribution by BHP Billiton of up to $24.5 million towards the cost of the Hawkeye-1 well.

The company said that the final payment would be received in Q4 2015 once the total well cost is confirmed.

In addition, Otto has made a final payment of $7 million to Great Bear Petroleum to earn an 8% and 10.8% working interest in two areas of Alaskan North Slope acreage held by Great Bear Petroleum.

Otto’s Managing Director, Matthew Allen said: “Completion of the Hawkeye drilling operations ahead of schedule and below budget has left Otto with a very strong balance sheet. Otto currently has over $30 million in available funds to pursue our growth strategy, this represents over A$0.04 per share in cash backing.”

“The amounts referenced above include the recent final payment of $7 million to Great Bear Petroleum. Otto has secured an attractive entry into the prolific Alaskan North Slope oil province which gives Otto shareholders the opportunity to participate in a material exploration and appraisal program in the forthcoming two winter operational seasons. Otto also has a fully funded exploration drilling program in Tanzania in 2016, including the drilling of the exciting Kito prospect.”

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply