Otto’s A$1.2m in a share acquisition of 100% of Borealis follows swiftly on the recent further farm-out of Hawkeye-1 to Pryce Gases and rapid drilling of the initial stages of the well. Crucially, the acquisition gives Otto, in stages, a greater exposure to the Alaskan Great Bear exploration acreage and development. We see these moves as value accretive, with Otto utilising its cash wisely, giving shareholders exposure to a potentially very rewarding play.
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More American pie
Otto’s A$1.2m in a share acquisition of 100% of Borealis follows swiftly on the recent further farm-out of Hawkeye-1 to Pryce Gases and rapid drilling of the initial stages of the well. Crucially, the acquisition gives Otto, in stages, a greater exposure to the Alaskan Great Bear exploration acreage and development. We see these moves as value accretive, with Otto utilising its cash wisely, giving shareholders exposure to a potentially very rewarding play.