great news, page-31

Moppo its all in the announcement...
BHP r giving up there total holding, read below

Otto Energy Limited (“Otto”) (ASX: OEL) has executed a letter of
intent with BHP Billiton Petroleum (Philippines) Corporation
(BHPB) (ASX: BHP), proposing to terminate the farm-out
agreement between the two parties over Service Contract 55
(SC55), offshore the Philippines. The letter of intent contemplates
the re-assignment of BHPB's 60% working interest to Otto, taking
Otto’s working interest to 93.18%, subject to approval of the reassignment
by the Philippines Department of Energy (DOE).
A binding termination agreement is expected to be executed in the
coming weeks. The key terms of the letter of intent are as follows:
• Upon approval of the re-assignment by the DOE, Otto will accept the re-assignment of BHPB's 60% working
interest and BHPB will pay US$3.0m to Otto;
• Otto undertakes to lodge a Sub-Phase 4 work program and budget with the DOE; and
• BHPB will pay a further US$24.5m to Otto upon drilling the first exploration well in SC55.
• BHPB has no enduring rights to any future exploration outcomes or obligations.