This article is 17 years old. Images might not display.
Otto said the report commissioned by joint venture partner Oromin Exploration found the unrisked probabilistic oil resource potential ranges from 45.16MMbbl to more than 380MMbbl with most likely unrisked resources set at about 131.56MMbbl.
Under the farm-in arrangement with Oromin, Otto will earn an initial 32.48% interest in the licence by spending $US1.4 million on drilling two onshore wells and has an option to increase its interest to 41.24% for a further $US900,000 in exploration expenditure.
Oromin expects to begin drilling up to three test wells in the first quarter of 2009.
The Santa Rosa block is a 7694 square kilometres onshore concession in the oil prolific Cuyana Basin of the Mendoza Province of Argentina.
