SC55 Joint Venture Gets Clearance to Drill Cinco-1 Prospect

Australia's Otto Energy Limited announced Wednesday that it has been notified by BHP Billiton Petroleum (Philippines) Corporation, the Operator of Service Contract 55 (SC55) in the southwest of the Palawan Basin, offshore the Philippines, that it has received formal Strategic Environmental Plan Clearance (SEP Clearance) from the Palawan Council for Sustainable Development (PCSD) in order to drill the Cinco-1 prospect in SC55.

Documentation approving the SEP Clearance has been executed by the PCSD and BHPB.

BHPB has engaged with the Philippine Department of Energy regarding the revised timing of the work program commitments and it is expected that this will be the subject of a separate announcement shortly.

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