Otto Energy (ASX:OEL) has gained a 100 per cent interest in a licence which lies adjacent to its producing South Marsh Island Block.
They acquired the remaining 50 per cent working interest in the VR 232 license from Byron Energy Inc, a wholly owned subsidiary of Byron Energy Limited (ASX:BYE).
The lease is subject to a 12.5 per cent Federal Government royalty and the lease rental is US$31,681 per annum. The lease expires in June 2023.
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