Ann: BPO clarification on comments by Otto Energy, page-7

re: Ann: BPO: BPO clarification on comments b... From the 3/2/11 ( a nice move with hindsight)

"Otto will increase equity in Service Contract 55, Offshore Palawan by 8.18% to
93.18% and will carry Trans-Asia's residual equity interest through the drilling of
a second well in the permit. As part of the current farm-in arrangement, Otto will
carry Trans-Asia through the drilling of the first well."

So it appears most likely if Cinco is successful Trans-Asia will take 5% off Otto ,on the flip side Otto wont have to pay their drilling cost.

Each to their own, but for me this is a storm in a tea cup that probably only plays out if Cinco is a success.
I'm not really worried about the then possibility of OEL only going to say 50c instead of 60c.
For those considering getting on board this is a trivial issue.
What would be an issue and put Otto on the back burner for alot of would be punters would be if the actual drilling timetable was pushed back considerably.Then the possibility of picking some up at 8c 7.5c might become a reality.
cheers C