Otto Energy has acquired a 31.38% stake in Galoc Production Co. (GPC), which holds a 58.29% working interest in the Galoc oil field.
Offshore staff
SYDNEY, Australia -- Otto Energy has acquired a 31.38% stake in Galoc Production Co. (GPC), which holds a 58.29% working interest in the Galoc oil field.
Otto has acquired two single asset companies through the transaction: Team Oil and Cape Energy Philippines SA, which each owned a 15.69% interest in GPC.
Otto has acquired an 18.28% indirect interest in the Galoc oil field development project. GPC is the operator of the project in SC14c, offshore Philippines. There are now two shareholders in GPC: Otto and a subsidiary of the Vitol Group owning the remaining stake (68.62 %).
"Otto is very pleased with the transaction," says Alex Parks, CEO of Otto Energy. "The revenues from Galoc's oil production will fund Otto's exciting exploration programs, which could deliver significant oil and gas discoveries in Otto's worldwide acreage in the second half of 2008 and 2009."
