Australia’s Otto Energy said Wednesday that the Philippines Department of Energy has granted it a nine-month extension to the third exploration sub-phase of Service Contract 69 (SC 69) in the offshore Visayan Basin.
The extension means that Otto and it partners will have more time to evaluate three potential targets on the block, Lampos, Lampos South and Managau East, and select the most attractive prospect for drilling.
Otto will use the extension period to start planning for an exploration well.
"The results of the 3D seismic are encouraging and present a series of candidate targets for the first well in the block,” Otto said in a statement.
Otto holds a 70-percent stake in SC 69, while Australia’s Frontier Gasfields and the Philippines-based Trans-Asia Oil & energy Development hold a 15-percent and 6-percent stake respectively.
SC 69 straddles the central Visayan Basin. The block occupies an area of 2,718 square miles (7,040 square kilometers). The Philippines Department of Energy had allocated a seven-year exploration period of the block, starting from May 7, 2008.
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