(MENAFN- ProactiveInvestors - Australia) Otis Energy (ASX: OTE) will soon release the details of an offer made for the acquisition of a complementary asset and has placed its shares into an ASX trading halt.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday, 29th May 2013.
Otis had recently revealed a $1 million capital raising through a private placement to continue its review of complementary oil and gas assets and fund existing operations.
It had noted last week that it is currently in negotiations with the vendor of an oil and gas asset located in the Middle East and is also in discussions with a suitable executive to add to the Otis Board with relevant Middle East and North African experience to manage that asset, should negotiations be successfully concluded.
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