Looks like an excellent deal and we still have $us34m cash. NEW...

Looks like an excellent deal and we still have $us34m cash.

NEW ACQUISITION SETS OTTO FOR ACTIVE HIGH IMPACT MULTI-WELL DRILLING IN 2016
HIGHLIGHTS:
 Otto secures staged farm-in for interests in a multi-asset portfolio onshore Louisiana and offshore Gulf of Mexico, United States, a prolific conventional oil and gas region
 Entry into 2 shallow water offshore leases and 1 onshore lease with potential for 3 high-impact, low cost/high chance of success wells in 2016
 Drilling to commence in Q1 2016 with rig under contract for first well. 2 contingent wells, first in Q1 2016, second in 2H 2016
 Joint Venture partner Byron Energy (Operator) is a proven Gulf of Mexico operator with a track record of success in the Gulf of Mexico region
 Acquisition sets path for Otto to return to production during 2017 in assets which are robust even when viewed against the current backdrop of low oil prices
 Otto’s pipeline of activity increased with 6+ wells to be drilled across the Otto portfolio in the coming 18 months; all of which can be funded from Otto’s strong cash position (circa US$34 million)

I'm impressed. Cheers all,