Otto Energy Ltd (ASX:OEL) is pleased to announce that BHP...

Otto Energy Ltd (ASX:OEL) is pleased to announce that BHP Billiton has exercised the option to farm-in to Service Contract 55 (SC55).
Subject to joint venture and regulatory approval, BHP Billiton will earn up to 60% participating interest and assume operatorship of the block by reimbursing Otto's past costs and funding one offshore deepwater well by 2012, with an option to drill a second well in a subsequent phase by 2013. Otto Energy will retain a 33.18% interest following BHP Billiton’s farm-in.

for a very long time Otto have been considered as the "bridesmaid" behind Nido Petroleum..

i tell you it sucked..

now we are seeing a different scenario, Otto are leading the way..

why..????

they've got a highly experienced CEO with a long track record in the oilpatch.


investors are now starting to realize Otto have some exciting Prospects.

they have a big prospect linned up for early next year "Cinco" with mean 74MMBLOC & 2.1TCFG.

plus have BHPB as JVP in the above, as well BHPB are the operators.

which ever way you look at it, next year will have plenty of action. none more important than Otto walking down the isle as the "bride" and other hopefuls as just "on lookers"..

........