Otto Energy Limited (ASX:OEL) Quarterly Activities Report For June 2009
Perth, July 31, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) raised approximately A$26.3 million (before issue costs) during the quarter through a two tranche capital raising comprising a share placement and pro-rata entitlement issue to shareholders.
Under the share placement the Company issued approximately 72.4 million shares at A$0.07 per share to raise approximately A$5.1 million. The shares were issued to two of the Company's major shareholders Santo Holdings AG and Molton Holding Ltd and to Otto Directors (following shareholder approval).
The Company also undertook a 3 for 4 pro-rata entitlement issue offering existing shareholders the opportunity to subscribe for additional shares at A$0.05 per share. There was strong support from shareholders to the entitlement issue with a 76.5% take up by shareholders of their entitlements under the entitlement issue. The shortfall under the entitlement issue was also fully placed by the Company in conjunction with the underwriter to raise a total of approximately A$21.2 million (before issue costs).
Otto's newly appointed CEO, Paul Moore, has received 7.5 million options (A$0.12, 30 June 2014) as part of his remuneration package. Paul has also subscribed for 1.25 million shares in the Company at A$0.08 per share.
As at 30 June 2009 the Company has 1,070,184,721 shares on issue and 114,855,350 unlisted options. The Company has approximately 3,921 shareholders with the Top 20 owning approximately 62%. An updated list of the top 20 shareholders can be viewed on Otto's website at:
www.ottoenergy.com
Debt repayment
Shareholder and Director short term loans totalling approximately A$11.6 million were fully repaid from funds raised through the capital raising. GPC has fully repaid the total outstanding Galoc development debt (Otto's share US$20.4 million).
CEO Appointment
Mr Paul Moore was appointed as the Company's new Chief Executive Officer effective 1 July 2009. Paul has extensive experience in the oil and gas industry with 27 years in operating oil and gas companies, including 17 years in executive management roles. Paul has an international track record in oil/gas field developments and in new business growth.
Quarter Highlights
- Galoc total gross production of 957,789 barrels;
- Approximately 1.018 million barrels delivered to market;
- Otto is now debt free;
- Company currently has A$13 million cash in bank; and
- New gas discovery made in Turkey - total of 7 commercial gas discoveries now on licence.
For the complete Otto Energy Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61168-ASX-OEL-455108.pdf
Contact
INVESTOR / MEDIA INQUIRIES
Jill Thomas, Investor Relations Mgr
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
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