capital raising via private placement, page-56

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http://www.yourindustrynews.com/otto+energy+notes+positive+results+from+tanzanian+exploration+program_96095.html


Otto Energy notes positive results from Tanzanian exploration program

Monday, Nov 11, 2013

Otto Energy Limited (ASX:OEL) (“Otto”or “The Company”) notes the positive exploration results from its Kilosa-Kilombero licence in Tanzania reported in the attached ASX Announcement from joint venture partner Swala Energy Limited(ASX: SWE).

Otto holds a 50% interest in the onshore Kilosa-Kilombero PSA under an agreement announced in early 2012. Swala has an indirect 32.5% interest in the licence.

Otto Energy Chief Executive Officer Gregor McNab said: “These results reported by Swala are extremely encouraging, underscoring our belief in the Kilosa-Kilombero licence that we joined in early 2012.

“We believe that the results of this 2D seismic program support our decision to move into the exciting onshore East Africa region, which remains a core area of focus for Otto alongside our exploration, development and production assets in South East Asia.”