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.

Shares in Otto Energy (ASX:OEL)

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.