This includes finalising the company's offshore 2D and 3D seismic programs, interpreting and processing seismic data and meeting payment obligations under its bare boat charter for a multi-purpose semisub drilling and production rig.
The company said data from the seismic program would increase the company's understanding of their exploration potential and allow it to attract farm-in partners in each service contract by the end of 2007.
Max Capital and Paterson Securities, who are serving as at the joint lead managers for the share placement of 36.73 million shares at A30c per share, have completed a heavily oversubscribed book build exercise and will allot shares to new international and domestic institutional investors.
Otto recently completed a 145 square kilometre 3D seismic survey in Service Contract (SC) 51, completing the Trinity Survey covering the Argao and Cabilao prospects.
It also secured extensions to drilling deadlines for the offshore SC 50, SC 51 and SC 55 permits from the Philippines Government.
