Otto Receives Extension for Seismic Survey
Otto Energy on Friday announced that approval from the Philippines Department of Energy has been received for an extension to the SC-51 current Sub-Phase until 31 January 2013. This extension has been approved to allow completion of the acquisition, processing, and interpretation of the present 2D seismic program.
Acquisition of 63 miles (102 kilometers) of new 2D seismic data over the San Isidro anticline was completed in early October 2012. Processing of these data is progressing.
The next Sub-Phase commencing 1 February 2013 requires the drilling of a well, planning for which has already commenced. SC-51 is a potentially high value, material opportunity with significant follow up prospectivity in the case of success. Otto’s recent equity increase to 80 percent is consistent with the emerging prospectivity of this area.
Under the terms of a pre-existing farm-in agreement, Otto will pay 100 percent of future costs through to drilling of the Duhat-2 exploration well to earn the full 80 percent working interest.
SC51 North Block is located onshore the island of Leyte in the Philippines. Otto is focused on maturing the Duhat prospect located on the San Isidro anticline that was drilled with the Duhat-1/1A well in 2011. During the drilling of this well, oil and gas indications were observed and the presence of an active petroleum system, a working seal and a structure conducive to hydrocarbon entrapment were proven. The Duhat structure is mapped to have mean in place volume (STOIIP) of 76 million barrels.
This acquisition is consistent with Otto’s strategy of building an integrated petroleum company, generating a sustained flow of drilling events, focusing on South East Asia and onshore East Africa. Higher equity in SC51 North Block creates further balance between our onshore and offshore assets.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension