Borealis Petroleum

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Otto Energy Limited (ASX:OEL) has acquired 100% of the issued capital of Borealis Petroleum Pty Ltd to earn an interest, through staged capital injections, in a substantial acreage position on the highly prospective, oil prone, onshore Alaskan North Slope held by Great Bear Petroleum Operating LLC. Otto will now control Borealis Petroleum Pty Ltd and its subsidiary, Borealis Alaska LLC.

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