Otto Energy Limited reported that the Palawan Council for Sustainable Development (PCSD) has approved the issuance of the Strategic Environmental Plan Clearance (SEP Clearance) in relation to drilling of the Cinco-1 exploration well in Service Contract 55 (SC55) in the southwest of the Palawan Basin, off the Philippines.
Formal written endorsement is being finalized between the PCSD, the Operator, BHP Billiton Petroleum (Philippines) Corporation (BHPB) and the Philippines Department of Energy (DOE).
The SC55 joint venture will seek confirmation from the DOE of the revised work program timing following the suspension due to Force Majeure.
Otto CEO Gregor McNab said: “This is a positive step in closing the final regulatory approvals required to progress drilling of the Cinco-1 exploration well. We look forward to finalizing these approvals and the commencement of drilling activities."
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