Otto Energy stops trading of stocks for potential acquisition

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Australian-firm Otto Energy Ltd. on Friday suspended trading of its stocks at the Australian Stock Exchange pending results of a potential acquisition.

“The Company is seeking the trading halt pending an announcement to the market regarding a potential acquisition,” Otto Energy Ltd. said in a disclosure at the Australian bourse Friday.

It added the trading halt will remain until Tuesday, when it makes another announcement for the potential acquisition. The firm has not bared other details.

Last Wednesday, Otto disclosed it has a closing cash position of $41.21 million, 59.4 percent lower than the $101.64 million in March 2015.


The firm also bared spending $3.12 million for the second quarter, which was lower than first quarter’s $5.12 million.

Otto Energy holds some exploration assets in the Philippines, with its dominating stake in Service Contract 73-Offshore Mindoro Cuyo at 100 percent and Service Contract 55 at 78.18 percent.

Otto is still conducting studies in Service Contract 73, which will determine whether it will commit on the project.

Service Contract 55, on the other hand, is set for drilling next month with its Hawkeye-1 well. It has a best estimated resource of 112 million barrels of oil.

Besides its exploration assets in the Philippines, the upstream firm also has projects in Tanzania.

PNA

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