BHP Billiton will under take extensive 3D seismic progamme sometime during 2009.
if it comes up as expected top quality ie:
Gas >4TCF, OIL 1.3 BILLION BARRELS
they may see it as a good opportunity to actually place a cash offer on the table.
they currently have 60% and could easily look at taking Otto's 25%
Otto's interest on the above figures =
Gas >1TCF & >OIL 325MM BARRELS.
also i think BHP Billiton are front running for SC63 looking at AboAbo#1 which previously flowed at 50MMCFG PER DAY.
so this would put BHP in a very strong position for a HUGE development.
once they take control they could easily flog off Otto's other assets (perhaps keeping one or two).
chalk this down as a possible takeover by BHP.
this is the "Jewel In The Crown" for Philippines oilpatch.
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