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ASIA

Otto's shift into luxury

OTTO Energy's $US108 million sale of its Galoc oil field in the Philippines has shifted its investment case from a production-driven story to a pure exploration play in the Philippines and Tanzania, with a $58 million gift to shareholders coming and enough left to fund itself over the next two years.

Anthony Barich
Otto's shift into luxury

Such is a luxurious position for a small-cap E&P in this depressed oil price environment which Otto currently enjoys, according to Edison Investment Research. Otto has farmed down part of its Philippine...

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