Ottoman looks to the Philippines

OTTOMAN Energy Ltd has announced a placement of 29 million shares, allowing the company to further develop its offshore oil sites in the Philippines. The West Perth-based mining company is aiming to raise about $4.4 million through a pro-rata non-renounceable rights issue to eligible shareholders, with the 29 million shares to be placed issued at 15 cents each. Money raised from the share offering will be primarily used to fully acquire the remaining 50 per cent of NorAsian Energy Ltd, a joint venture between Ottoman and AustralAsian Energy Ltd, with the remaining money being used to fund further exploration and for working capital. Ottoman managing director Jaap Poll said in an announcement to the stock exchange that full ownership of NorAsian’s oil fields would enable the company to become a significant oil producer by the end of the year. Ottoman has also entered into a farming-out arrangement with Canada-based Bentley International Oil Ltd, giving the firm a 30 per cent interest in the fields in exchange for about $12.5 million. This offer is fully underwritten by Max Capital Ltd, with BDO Chartered Accountants and Advisors acting as auditor and Grange Consulting Group Ltd as consulting adviser to the company.