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acreage

Oil & Gas

Otto Energy finalises payment for North Slope deal

Otto Energy has made a final payment of $7million to Great Bear Petroleum to earn entry into two area of the Alaskan North Slope acreage. The company’s payment will see it take an 8% share and 10.8% working interest in the assets. Otto said the decision to make the final investment follows extensive due diligence and field trips to the Alaskan North Slope by the company.

Oil & Gas

Tower Resources signs PSC for Cameroon acreage

Tower Resources has signed a production sharing contract (PSC) on the shallow water Thali offshore Cameroon. The company said the market downturn had provided an opportunity for the company to leverage “lower seismic and drilling costs”. A signing ceremony took place at the offices of the Societe Nationale des Hydrocarbures in the country.