Ann: SC55 Extension Granted For Hawkeye Drilling, page-18

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.
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