Otto clears the decks

摘要

AN UNDER-PERFORMING partnerhas allowed Otto Energy to reclaim equity in its Philippines exploration and development permits.The company now holds 99% of the Calauit oilfield development project within SC 50,85% of the deep water SC 55 in the Palawan Trough,and 80% of its SC 51.offshore Cebu Island.StockAnalysis sees this is a huge bonus for the company and its shareholders,freeing it to pursue improved terms with stronger partners on the back of long term access to a purpose built,semi-submersible drilling and production rig.