Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

cambam,

As at 31/12/24 my back of the envelope calculation is that Otto's cash on hand would be slightly less than aud$53m [about aud1.1c/share/, not your aud$65m.
In addition, it looks like most of the cash is held in aud$. At least the aud$40m cap return would make sense, but my very quick look makes me think that more than is held in aud$: this may/would make sense if some aud$ based management costs (directors?).
No tax payable on interest earnt in Australia versus USA may be the real reason.

Otto also has another usd$3.2m F5 cost to pay this quarter: Q3/25 profit should cover most/all of remaining F5 cost.
Unfortunately, F5 was a disaster: just part of the O&G game.
Otto has future abandonment costs of approximately aud$10m. They can kick this can down the road (main cost being CG21) but this will come from future cashflow/profits.

Exploration at Lightning is expensive (around usd$10m / well according to Mike U) and relatively high risk.

Otto may be worth a punt, but I don't see Otto as a no brainer: i.e., it is not dirt cheap.

It is for impossible for me to come up with a reason for the extraordinary delay in obtaining a Class Ruling from the ATO.
I have to conclude that there is something wrong, and that Otto are not being transparent.
That is the main reason that I sold out many months ago.