BHP is walking away from $60 million it spent at SC 55, $25 million they paid for 3D seismic, Otto's back costs on farm in and now a guarantee of $27.5 million once a well is drilled. Makes a little easier for Otto to attract a farminee when the seismic's done, the prospects identified. As I understand it farminee could choose between Cinco and Hawkeye but Hawkeye has more attraction shallower target and oil.
Markets treatment of Otto when company is about to announce start of production early next week from Galoc phase II is a bit hard to understand. All about trading I guess in and out for a quick 5%.
great news, page-54
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