Oct 5 (Reuters) - Otto Energy Ltd OEL.AX :
* UPDATES ON EIGHT WELL GULF COAST EXPLORATION PACKAGE WITH HILCORP
* HILCORP AND CO MUTUALLY AGREED TO REMOVE TARPON, OIL LAKE AND MALLARD PROSPECTS FROM AGREEMENT
* BELUGA UNIT #1 EXPECTED TO COST CO US$2.25 MILLION
* FOR BELUGA UNIT #1 WELL, CO WILL EARN A 18.75% WORKING INTEREST BY PAYING 25% OF COSTS