re: Ann: Otto to Farm-out SC55 to BHP Billito... it was Otto's original business model to farm down to ~20% equity stake after doing some initial seismic and analysis. In fact this was their primary business objective, prior to be distracted by GPC.
So this part of the model is going well, excellent deal, potential giant fields in the area, a 2 drill free carry and carried through seismic for deepwater is a huge payout, and big congrats to the team there.
The part that isnt going so well is the acquisition to GPC and Galoc that mr jetter (i think) brought in, hopefully his backers and those he represents have deep pockets. 12 months on and not much return on the horizon.
Can anyone clarify? when they bought into galoc was it jetter who was brought in with it?
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