The licence contains a 220-square-kilometre shallow dome structure that will be the initial exploration target, Otto said.
A detailed work program will be established with joint venture partner Oromin Explorations over the coming weeks with the view to begin drilling as soon as practical, the company added.
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
On farm-in, Oromin will be operator with 67.52%, while Otto will have 32.48%.
Otto chief executive Alex Parks said the licence is in an established prolific hydrocarbon basin and is looking forward to working with its JV partner.
The Santa Rosa block is a 7694sq.km onshore concession in the oil prolific Cuyana Basin of the Mendoza Province of Argentina.
Otto already has oil and gas assets in the Philippines, Turkey and Italy.
