Otto Energy Ltd. provided an update on remaining oil reserve balances at the Galoc oil field in the Philippines as at Jan. 1, 2013.
The operator of the Galoc oil field, Galoc Production Company WLL, is a wholly owned subsidiary of Otto. It has commissioned an annual review of remaining oil reserves from RISK, an independent consulting firm.
RISC has reviewed the Galoc oil field reserves in accordance with the SPE, WPC, AAPG and SPEE Petroleum Resource Management System definitions, guidelines and auditing standards.
The reported increases in reserves are attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices. The Galoc oil field is expected to remain in production beyond 2020 based on the Galoc Phase I and Phase II well configuration.
"Galoc continues to be a key asset for Otto, delivering valuable cashflow to fund future growth opportunities. I look forward to the delivery of continued reliable production from existing operations and increased production volume from Galoc Phase II in 2H 2013. I am proud of Otto's continued growth as an integrated exploration, development and production company focused on South East Asia and East Africa," Otto's Chief Executive Officer Gregor McNab sai.
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