Otto Energy Provides Galoc II Drilling Update

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Otto Energy Limited, as operator of the producing Galoc oilfield joint venture offshore the Philippines, provided the following update on the Galoc-5H and Galoc-6H drilling campaign in SC14C, part of the Galoc Phase II development approved in 2012.

Progress

During the period from 0600 hours (AWST) June 19 to 0600 hours (AWST) June 26, the 30-inch conductor was set and cemented on G-5H and the 17.5 inch hole was drilled to 3,117 feet on G-6H.

Forward Plan

The forward plan is to set and cement the 13.375 inch casing on G-6H prior to drilling the 17.5 inch hole to 3,117 feet on G-5H and setting and cementing the 13.375 inch casing.

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