Otto Energy Limited (ASX: OEL) (Otto) is pleased to announce an update on the sale of subsidiary Borealis Alaska LLC to Pantheon Resources Plc (Pantheon) previously announced on 20 January 2021.
Borealis Alaska LLC holds a 10.8% working interest in each of the 16 leases in the Talitha Unit.
Otto Energy Alaska, LLC (a 100% owned subsidiary of Otto) has now been issued 14,272,592 ordinary fully paid shares (PANR: LSE) and these shares have now been quoted to the London Stock Exchange. These shares are escrowed until 30 June 2021. The shares have a current market value of US$ 8 Million1.
Well test operations are currently underway in the Talitha #A well.
Otto looks forward to the ongoing success of the Talitha #A well and like all shareholders we look forward to the Talitha #A well testing results.
Otto Executive Chairman, Mike Utsler, commented: 'Otto congratulates Pantheon Resources on their excellent operational performance to date with the Talitha #A well. We wish them good luck with the well test operations in the Talitha #A well and Otto looks forward to being a Pantheon Resources shareholder.'
This announcement has been approved for release by Chairman, Mr Mike Utsler, on behalf of the Board of Otto Energy Limited.
Contact:
Mike Utsler
Tel: +61 8 6467 8800
Email: info@ottoenergy.com
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