OEL 9.09% 1.0¢ otto energy limited

Hi bungy234 et alii,Your comment://"I also thought that any...

  1. 2,629 Posts.
    Hi bungy234 et alii,

    Your comment:
    //"I also thought that any decision to drill a second well in the Po Valley rested on a minimum find of 10 Bcf of gas from the first well."//

    Please see the term of the Po valley below.

    From conversation with the company they are interested in continuing exploring in the Po Valley. As I have stated before it is a matter of the board prioritizing their projects and where their funds will best be utilized. We will just have to wait for an announcement on what they are going to do and let Paul Moore do his job.

    Cheers,
    Brantley


  2. Section from OEL ASX Announcement 07/12/2007:

    Otto Energy farms into large onshore exploration acreage in the Po Valley, Italy.


  3. Terms of the Deal

    The minimum commitment for Otto to earn 50% in the two permits is:

    //
  4. by purchasing approximately A$3.65 million worth of existing seismic in the blocks from Italian major ENI,

    and

  5. paying 100% cost of drilling initially one well at an estimated cost of approximately A$6 million.//

 
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