is it possible bhp will make cash offer

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.