Otto Energy gains licence from Byron Energy

Company News

by Rachael Jones

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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Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.