Otto Energy raising $8.2m for SM-71 project offshore Louisiana

Otto Energy raising $8.2m for SM-71 project offshore Louisiana

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.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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