re: News: Otto Energy December 2013 Quarterly... Hi 62strat
I'd be very happy with 33%, however to give the remainder away I think they'd want possibly the 1st 3 wells drilled by their partner. I say this because the project is far more advanced than when they did the deal with BHP for 2 wells.
After getting the 1st 2-3 wells drilled free, they should have some funds to pay their 33-50% 3 years down the track.
It would be a big ask to finance 50% of Kito + hawkeye in 2014, so they need terms whereby the partner pays for the first 2-3 wells.
I think they want to drill hawkeye 1st because it is a cheaper less complicated drill & the GCOS is higher. Oil would be quicker to commercialise than Cinco gas.
News: Otto Energy December 2013 Quarterly Highlig, page-21
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