Otto has commenced drilling the Duhat-1 well with the official spud of the well April 19.
The DESCO Rig-1 drilling unit is being used for the well which is expected to take approximately 27 days to reach target depth of 1,000 meters.
DUHAT-1 WELL BACKGROUND INFORMATION
Service Contract Summary:
The Duhat-1 well is programmed to reach a total depth of 1,000 meters and will test potential hydrocarbon accumulations within the sandstones of the Miocene Tagnocot formation of the San Isidro anticline. Pre-Spud "success case" volumetric estimates are in the range of 12 to 263 MMbbl Oil Initially in Place with a P50 estimate of 76 MMbbl.
With its programmed total depth (T.D) of 1,000m, the Duhat-1 will be the only modern deep exploration well in northwest Leyte. Hydrocarbon shows in several of the shallow wells drilled in the block and the presence of numerous oil seeps in the area indicate the presence of an active petroleum system. A success at Duhat-1 could be followed-up by additional exploration drilling on nearby look-alike structures.
The minimum reserves volume required for an economic discovery in the area is less than 1 MMbbl recoverable.
Otto Energy successfully executed a farm-out agreement with SWAN Oil and Gas in January 2011 and is now awaiting approval of the Philippine Department of Energy for this assignment.
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