Otto Energy Limited planned to drill an exploration well in Service Contract (SC) 55 offshore the Philippines by October as required under current sub-phase 1 work commitment, the company said in an investment presentation Tuesday.
The firm is now re-acquiring 60 percent interest in SC55 following BHP Billiton's decision to exit Philippines, with its stake rising to 93.18 percent. Meantime, two high impact and drill ready prospects have been identified using 3D seismic. They are Hawkeye, with Otto's net prospective resources at around 15-318 million barrels of oil equivalent, and Cinco, with a net prospective resource of 0.5-3.4 trillion cubic feet.
Otto Energy is seeking Phillipines Department of Energy's approvals for reassignment of SC55 operatorship and extension of timing for the block's work program. The company is also looking for a farm-in partner for SC55.
In another development, the company, which recently provided an update on Galoc oil field reserves in SC14-C around 40 miles north west of Palawan Island, off the Philippines, indicated that the project's life could extend beyond 2020.
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