Argonaut acted as an Advisor to Otto Energy Limited in 2013 for the $40 million financing of the Galoc Oil Field Project in the Palawan basin in the Philippines. Otto Energy Limited (ASX:OEL) is an Australian oil and gas exploration, and production company focused on sites in North America. The Company also previously explored Asian regions, including the Philippines but had since transferred to sites in America. The Decision for project financing follows an extensive global tender and due diligence process.
Otto Energy Limited’s primary assets are the SM 71 oil production in the Gulf of Mexico, and the gas/condensate production from the Lightning discovery in Matagorda County, Texas. The Company is also involved in onshore and offshore oil & gas exploration and production projects in the Gulf of Mexico, including the South Marsh Island 71 partnership with Byron Energy Inc, and the Lightning gas/condensate field in Matagorda County, Texas. Otto Energy Limited is also involved in the Green Canyon 21 project in Mexico as well as the Great Bear Petroleum Operation in North Slope Alaska.
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