Otto Energy Gearing Up for Galoc Phase II

Otto Energy Limited is mobilizing the Ocean Patriot (mid-water semisub) from Singapore to the Galoc oil field. The rig has completed its five-year survey work and is ready to commence drilling operations, stated the operator in a press release.

Once the rig hooks up, it will spud the Galoc-5H and Galoc-6H wells. The Galoc development wells are expected to reach a vertical depth of 7,185 feet. Drilling should take 115 days including the flowing of the wells for clean-up.

When drilling is completed, the operator will use the Skandia Hercules construction vessel to install the subsea equipment and complete the hook-up of both wells to the Rubicon Intrepid Floating Production Storage and Offloading vessel, which the Galoc field produces to.

Phase II of field development is budgeted at $180 million. The scope of work includes drilling two wells and tying them back to the FPSO. First oil from phase two of development is expected to commence in 4Q 2013 and produce at a rate of 12,000 barrels of oil per day.

The Galoc field is located in Service Contract SC14C in a water depth of 951 feet about 40 miles northwest of Palawan Island.

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