Otto Energy Ltd (Otto) provided Monday an update on the Galoc oil field reserves in Service Contract SC14-C, approximately 40 miles (65 kilometers) north west of Palawan Island, offshore the Philippines as at Jan. 1.
The operator of the Galoc oil field, Galoc Production Company WLL, a wholly owned subsidiary of Otto, has commissioned an annual review of remaining oil reserves from RISC, an independent consulting firm.
The annual review has resulted in an adjustment of 2P Reserves of less than 1 percent caused by a mixture of technical and economic factors (including oil prices). A detailed breakdown of Reserves is shown in Appendix A.
Since the completion of the Phase II development in December 2013, production has performed in line with expectations - this performance is expected to continue. Three cargoes have been lifted from the field since December 2013 with a further lifting scheduled around the end of the March 2014 quarter. The Galoc oil field is expected to remain in production beyond 2020 based on the Galoc Phase I and Phase II well configuration.
Otto's CEO Matthew Allen said "Galoc is a key asset for Otto, delivering valuable cashflow to fund future growth opportunities. Otto's investment in Galoc Phase II in 2013 has delivered a substantial increase in production, with current production rates around 9,700 barrels of oil per day (bopd), or 3,200 bopd net to Otto, and Otto's operatorship of this successful development demonstrated the organisations strong project execution capabilities. We continue to seek additional opportunities to expand the Galoc oil field with further infill drilling.”
Appendix A: Galoc Oil Field Reserves Update
Estimated Ultimate Recovery (EUR) and Reserves
PSC Entitlement Reserves (ER)
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