Australian firm Otto Energy Ltd. (Otto) has completed the sale of its interest in the Galoc oil field northwest of Palawan to Nido Petroleum Ltd.
Otto chief executive officer Matthew Allen said the final proceeds were received by the company from Nido on Tuesday.
“Delivering financial close of the GPC sale is a significant milestone for Otto in this environment of depressed oil prices,” said Allen.
He said Otto has a very strong balance sheet and is well advanced on prospective exploration activities in both the Philippines and Tanzania.
Nido Petroleum acquired Otto’s 33 percent working interest in the Galoc oil field for $108 million.