July 31 (Reuters) - Otto Energy Ltd OEL.AX :
* ENTERS JV WITH HILCORP ENERGY, TO EARN 37.5% WORKING INTEREST IN EIGHT WELL GULF COAST DRILLING PROGRAM NEAR U.S. GULF COAST
* UNDERTAKING CAPITAL RAISING OF $20 MILLION VIA INSTITUTIONAL PLACEMENT & FULLY-UNDERWRITTEN ACCELERATED NON-RENOUNCEABLE ENTITLEMENT OFFER