Otto Energy (ASX: OEL) is preparing to outline details concerning the farm-in agreement with BHP Billiton (ASX: BHP) Petroleum (Philippines) Corporation in respect to Service Contract 55.
The ASX has this morning granted Otto a trading halt, with its shares placed in pre-open.
About a week ago BHP, Operator of Service Contract 55, notified Otto that it has received formal Strategic Environmental Plan Clearance from the Palawan Council for Sustainable Development in order to drill the Cinco-1 prospect.
The halt will remain in place until the opening of trade on Thursday 7th November 2013, or earlier if an announcement is made to the market.
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