BRIEF-Otto Energy says executed final binding agreements with BHP Billiton to terminate farm-out agreement

Jan 21 (Reuters) - Otto Energy Ltd OEL.AX :

* Says executed final binding agreements with BHP Billiton to terminate farm-out agreement over sc55

* Says BHP Billiton to pay $3 million to Otto on approval of re-assignment and $24.5 million upon drilling an exploration well

* Says submitted request to Philippines department of energy for re-assignment of BHPB's 60% working interest to co, taking co's interest in sc55 to 93.18%

* Source text for Eikon News Search ID:nASX64bFQs

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