Otto Energy seeks oil in Gulf of Mexico

The Australian oil and gas company, Otto Energy Ltd., said it will raise $ $8,200,000 dollars to the SM-71 oil project in the Gulf of Mexico. The company will increase the box through an issue of convertible bonds.

According to the report, the company has signed a binding agreement with the main shareholder for the issuance of convertible bonds, but the final decision will be taken at the general meeting of shareholders, scheduled for July.

The money will be used to develop the company's oil project located on South Marsh Island license 71 (SM-71) in the Louisiana offshore. The construction of the platform is underway and production should begin by the end of 2017.

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