Australia's Otto Energy Ltd reported Tuesday that the company has been formally awarded Service Contract 73 (formerly Area 7), which is located in the Mindoro Basin off the Philippines, under the Fourth Philippine Energy Contracting Round.
The award of this service contract is a reflection of Otto's significant expertise in the Philippine oil and gas industry.
Otto will now commence a program involving the reprocessing of existing seismic data with a minimum financial commitment of $0.5 million within an initial period of 18 months.
Otto CEO Gregor McNab said: “The addition of this new exploration acreage is consistent with our strategy to build an integrated exploration, development and production company focused on South East Asia and East Africa. Service Contract 73 has the potential to restock our existing, high impact, exploration prospect inventory."
Appendix A: Service Contract 73 Background
Service Contract 73 is an offshore block located in the southern part of the Mindoro Basin - Cuyo Platform, a continental rift basin offshore the Philippines. It covers around 3,259 square miles (8,440 square kilometers) with water depths ranging from 328 feet (100 meters) to 4,265 feet (1,300 meters). There is an existing 2D seismic data set of over 1,864 miles (3,000 kilometers) covering the block.
The petroleum play types identified in Service Contract 73 are reef build-ups, fault blocks and anticlines. The reservoir intervals are Early Miocene to Pliocene carbonates and Early to Late Miocene carbonates and clastics. Source rocks are coaly and organic-rich claystones of Eocene to Middle Miocene. Middle Miocene carbonates and clastics provide the seal for the system.
Oil has been discovered with an Extended Production Test conducted in 1994 at the Maniguin wells near the block. The occurrence of oil seepages in the Mindoro Island region also confirms the presence of an active petroleum system in the area.
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