Philippine Govt. Approves SC55 Revisions
|Otto Energy Ltd.
|Thursday, April 29, 2010
The Philippine Department of Energy approved amendments to the work program and budget within Service Contract 55. The following requirements to be executed are: a 3D seismic program to be performed (completed in March 2010), and the drilling of two wells by Aug. 5, 2013. Additionally, the DOE granted an increase in the service contract area by an additional 800 square kilometers of previously unlicensed acreage partially covered by the recently acquired 3D seismic. Otto Energy operates SC55, which is located offshore Palawan Island in the Philippines.
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