July 21 (Reuters) - Otto Energy Ltd OEL.AX :
* Otto acquires onshore alaskan interest
* Further funding rounds will be undertaken by Borealis over the course of 2015 to complete its entry into the great bear acreage
* Says entered into a letter of intent with Borealis Petroleum Pty Ltd
* Says further funding rounds will be undertaken by Borealis over the course of 2015 to complete its entry into the great bear acreage
* Borealis has right to acquire an 8% and 10.8% working interest in 2 areas of alaskan north slope exploration acreage for up to US$20 million
* Borealis is in the process of completing a US$8 million capital raising, of which Otto has contributed US$4 million
* In addition, borealis has an option to acquire an interest in a further 22,804 acres for a purchase price of US$25 million
* Source text for Eikon ID:nASX767Brv