Australian oil and gas E&P company Otto Energy on Monday announced it is raising $8.2m for its US Gulf of Mexico project.
West Perth-based Otto, which has a regional focus on North America, is raising the funding through an issue of secured convertible notes, subject to shareholder approval at a General Meeting in July.
The funds will be used on Otto’s South Marsh Island 71 (SM-71) licence, offshore Louisiana, for which a manned platform is already being built. It is expected to begin production late this year.
