Yep, been reported several times. BHP pays 24 mill after the well is drilled.
A few things to ponder.
BHP were going to drill Cinco.
That well if successful would have provided the Phillipines with a lot of gas.
But the development costs could have been in the order of 500 million plus.
BHP have a new CEO who has stated they are developing what they have. So far he has got it right.
New exploration is costly and they pulled out of SC55 because of a new CEO and his direction.
there are other FACTORS, but I beleive that is the main one.
Not the 3 dimensional sesmic or the possible new discoveries.
A different note.
The deal for Galoc is US $. The current exchange rate from that 1st July deal is a lot more favourable to Otto.
I have a email from Mathew; Ottos Ceo ;
which states the current rate saves us in the order of 9 mill when we pay out the 6cents Australian to share holders.
Otto is cash rich after the deal. With exciting potential targetts for exploration .
The current value of Ottoat 9 cents is below what is or will be in the bank by the end of this year.
I would make a guess at currently about 11 cents cash australian when the deal is done.
Why is the market where it is . No idea.
It should be valued at about 14 to 15 cents in my view.
247
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1.0¢ |
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Mkt cap ! $47.95M |
Open | High | Low | Value | Volume |
1.1¢ | 1.1¢ | 1.0¢ | $72.25K | 6.568M |
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No. | Vol. | Price($) |
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9 | 9366232 | 1.0¢ |
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Price($) | Vol. | No. |
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1.2¢ | 4532067 | 7 |
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No. | Vol. | Price($) |
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9 | 9366232 | 0.010 |
4 | 6650000 | 0.009 |
2 | 245123 | 0.008 |
7 | 1836283 | 0.007 |
2 | 1666672 | 0.006 |
Price($) | Vol. | No. |
---|---|---|
0.012 | 4532067 | 7 |
0.013 | 14117765 | 18 |
0.014 | 5516336 | 9 |
0.015 | 4859572 | 9 |
0.016 | 48000 | 1 |
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