OEL 0.00% 0.9¢ otto energy limited

FYI... Cujo there is no agenda on my part. Just pointing out...

  1. 2,629 Posts.
    FYI... Cujo there is no agenda on my part. Just pointing out what was stated in the 07-12-2007 ASX announcement and Bundgy was pointing what was in the ASX 02 October 2008 announcement.

    For the benefit of those who did not click on the link and read the whole announcement please find below the section referring to the terms of the Po Valley deal.

    Click on link below to read the whole ASX announcement.

    OEL ASX Announcement dated 07-12-2007 | Otto Energy farms into large onshore exploration acreage in the Po Valley, Italy.

    Section from the above announcement:

    //Terms of the Deal

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

  2. purchasing approximately A$3.65 million worth of existing seismic in the blocks from Italian major ENI, and

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

    A three-way farm in agreement has been signed between Otto Energy Ltd, Ascent Resources plc and Deltana Energy Ltd, who had originally agreed to acquire up to 50% interest in the Bastiglia-Cento Block.

    To earn 50% in the Bastiglia - Cento Block, Otto will:

    contribute €2.15 million (A$3.65 million) in January 2008 for the purchase of seismic data,

    • reimburse Deltana for direct costs of A$400,000, and

    pay 100% of the drilling and testing of the Gazzata-1 well estimated to be A$6 million.

  4. In the event of a significant commercial gas discovery in Gazzata-1, Otto will also fund 100% of drilling and testing of a second well.

    • Deltana Energy Ltd have retained an option to acquire a 15% working interest from Otto which is exercisable up to 31st March 2008, by sharing the terms of the farmin on a pro-rata basis.

 
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