Byron Energy has entered into an agreement with fellow Australia-based firm Otto Energy which will see Otto participate in Byron’s three Gulf of Mexico oil projects.
The deal will mean an injection of around $17.3 million from Otto towards drilling and some previously incurred costs, reducing Byron’s need for capital. In return Otto gains quick entry into an established basin and has options to increase its stakes in future.
Otto Energy Limited is an Australia-based company, which invests in oil and gas exploration, development and production. Byron Energy is the operator and 100% working interest holder of several blocks in the Gulf of Mexico prospective for oil and gas.