ASX : OEL Divestment of Galoc Production Company WLL & Capital Return to Shareholders 22 September 2014
Transaction Background ASX: OEL Otto has executed a Sale and Purchase Agreement (SPA) to divest all of its shares in the Galoc Production Company WLL (GPC) to Risco Energy Investments Pte Ltd (Risco) GPC holds a 33% interest in the…
Highly Attractive Deal Terms ASX: OEL Otto to receive a price of US101.4 million Adjusted for net proceeds received by Otto from the effective date of the transaction (1 July 2014) US10.14m deposit has been received. Final…
Use of Proceeds ASX: OEL Divestment Proceeds: US101.4 million US62 million US39 million PROPOSED CAPITAL RETURN WORKING CAPITAL TO SHAREHOLDERS INJECTION 0.06/share to be returned to shareholders Net cash balance to fully…
Otto value proposition post divestment ASX: OEL Strong Financial Position Tanzania Exploration Philippines Exploration US105M IN CASH AND NEW, HIGHLY PROSPECTIVE HIGH WORKING INTEREST DEBT FREE FRONTIER REGION WITH SIGNIFICANT…
Capital Return to Shareholders Otto proposes to pay a capital return to shareholders of A0.06 per share in cash Capital return allows Otto shareholders to participate in substantial upside delivered from the divestment…
Transaction Rationale ASX: OEL Monetisation and maximisation of the value created by Otto at Galoc Price is at top-end of valuations and a 36% premium to the balance sheet value 0.10/share value of the headline price exceeds current…
Focused Strategy ASX: OEL Ottos strategy to be an integrated petroleum company remains unchanged. We will continue to build shareholder value through successful exploration, which we aim to convert into production. Conventional…
Clear Regional Focus Philippines Exploration Focus on conventional hydrocarbon 1 SC55 (Hawkeye/Cinco) exploration and production within South East 93.18% WI and operator Asia and the East Africa Rift System (EARS) Deep water…
Tanzania (Otto 50% WI): Ottos Tanzania Position is a Material First Step History Exploration success and Otto acreage South Omo Block Pre 2006 - No material exploration success (Ethiopia) being tested by Tullow and Africa Oil. 2006…
Tanzania (Otto 50% WI): High WI in permits covering prospective basins Work completed to date has provided encouraging results 2012: Completed airborne gravity, magnetic surveying and sampling over Kilosa-Kilombero and Pangani five…
Tanzania (Otto 50% WI): Kilombero Basin analogous to Lokichar Basin Kilombero Basin appears analogous to Tanzania: Kilombero Basin Kenya: Lokichar Basin and the Lokichar Basin in Kenya exploration status Kilombero interpreted as…
Tanzania (Otto 50% WI): Kito prospect best estimate 60.4 MMbbl Net Prospective Resource Tanzania: Kilombero Basin Kenya: Lokichar Basin Source: Africa Oil Low Estimate Best Estimate High Estimate (P90) (P50) (P10) (MMbbl)…
SC55 (Otto 93.18% Operator): High Impact and Drill Ready Prospects SC 55 SC55 Permit Otto is operator with 93.18% interest Sub-Phase 4 contains a commitment to drill 1 Carbonate Prospect Status exploration well by 23 December 2014…
ASX : OEL Additional Information 16
Experienced Board & Management Team Board of Directors Senior Management Rick Crabb Chairman. Matthew Allen Chief Executive Officer. BBus, FCA, BJuris (Hons), LLB, MBA FFin, GAICD Former energy, resources and corporate lawyer Global…
Philippines Exploration: SC55 Hawkeye Prospect Hawkeye Prospect Location Offshore, SW Palawan 50 km2 Area of Closure Up to 500m column height Water Depth 1,690 metres Hawkeye Prospect Areal Closure: 50km2 Objective Depth 2,750…
Philippines Exploration: SC55 Cinco Prospect mss CINCO 3200 3400 3600 3800 4000 4200 4400 4600 500 m 4800 Cinco Prospect 53 km2 Area of Closure Up to 500m column height Water Depth 1,430 metres Objective Depth 3,120…
Philippines Exploration: SC55 Additional Leads Post Hawkeye/Cinco An impressive gas and condensate portfolio, developed on an emerging major regional trend, parallel to the island of Palawan SC55 SW Palawan SC 55 Area = 9,880 km2…
SC14C Galoc Field (Otto 33% Operator): Reliable Production and Reserves Galoc Daily Oil Production Successful delivery of major upgrade in 2013 underpins 14,000 strong production performance in 2014 six cargoes 13,000 Phase II…
SC14C Galoc Field (Otto 33% Operator): Improved understanding of field structure and reservoir Incorporated Phase II drilling results into detailed analysis of the Galoc oil field Resulted in a clearer understanding of the structure…
ASX: OEL Investor Queries: Media: Matthew Allen John Gardner or Richard Glass Chief Executive Officer MAGNUS Investor Relations Otto Energy Limited + Corporate Communication Ph: +61 8 6467 8800 Ph:+ 61 2 6160 4900 Email:…
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