Otto Energy (ASX:OEL) has been granted an ASX trading halt in relation to a potential acquisition.
The halt will last until the earlier of the announcement being made or the start of trade on Tuesday, 21st July 2015.
Otto is due to drill in August the Hawkeye-1 exploration well in Service Contract 55 in the Palawan Basin, offshore Philippines.
The Hawkeye prospect was identified on 2D seismic originally acquired by Otto in 2007 and further defined with the 600 square kilometre 3D seismic acquisition in late 2009.
This has best estimate in-place oil of 480 million barrels of oil.
Red Emperor Resources (ASX:RMP, AIM:RMP) is earning a 15% stake in SC55. Otto has also received an expression of interest from the Philippines National Oil Company-Exploration Corporation to farm-in to earn a 15% working interest.
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