Otto provided an update on its 2011 Philippines exploration activities to investors. Otto acquired over 2,400 km2 of 3D and 760 kilometers of 2D seismic during 2010 in campaigns run in the first quarter. Otto has now commenced a significant exploration campaign for 2011.
Interpretation of the extensive 3D seismic data acquired in SC55 Offshore Palawan indicates the presence of an active petroleum system coupled with a series of large to very large Nido Carbonate structures that supplement the Hawkeye prospect described in previous releases. This provides a diverse portfolio of potential future drilling targets.
Q2 2011 represents a period of significant activity for Otto Energy with both the drilling of Otto's first operated exploration well, Duhat-1 at San Isidro in Leyte, and the acquisition of 210 km2 of marine 3D seismic in SC69 Offshore Visayas.
Otto's Managing Director Paul Moore said "In addition to conducting these exciting Visayan drilling and seismic programs, Otto will also be progressing our prospects and leads inventory into drill ready status in our core Palawan Block SC55, ahead of entering the next sub-phase in August 2011, with a decision from BHP Billiton also due on exercising their farm-in option during Q2 2011".
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