Tax losses may contribute, and they certainly would have marketed Otto to most mid-cap Australian O&G companies, but I can't see tax losses playing a (significant) role, therefore they are most likely worthless, or worth a very modest amount at best, imo. Specifically,
the most likely high bidders are unlikely to be able to use Australian tax losses
the ATO can disallow the tax losses if they deem a transaction is in part to gain a tax advantage.
Otto could sell some assets, and keep some assets, but the less assets kept, the more likely the ATO would disallow the tax losses.
In addition, I believe that if Otto sells the USA corporate entities which hold each asset for more than book value, profit/gains in Australia and would use some/most/all tax losses. We can always dream that all losses are used, and we have to pay some tax
