OEL 0.00% 1.1¢ otto energy limited

Hi bungy234,The company did not tell me the terms of the deal I...

  1. 2,629 Posts.
    Hi bungy234,

    The company did not tell me the terms of the deal I posted earlier. They came from the ASX announcement below.

    Please see the terms that came from the ASX announcement below:

    What the company did say was taht 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.

    Please See the terms came from the ASX announcement below:

    ASX Announcent date 07/12/2007 | Otto Energy farms into large onshore exploration acreage in the Po Valley, Italy.



  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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