Otto Energy Repays Financing Facility Offered for Galoc Phase II in SC14C

Otto Energy Ltd (Otto) reported Tuesday that it has fully repaid the BNP Paribas financing facility, which was put in place in December 2012 to fund Otto’s share of the Galoc Phase II development in Service Contract SC14C, north west of Palawan Island, offshore the Philippines.

The Galoc oil field production performance in the first half of 2014 has been strong and, together with strong realized prices for Galoc crude, has allowed the accelerated repayment of this facility. The facility had tenor of December 2015 and was fully drawn to $35.9 million in December 2013.

Future cashflows generated from the Galoc oil field will be used to fund exploration activity across Otto’s exciting portfolio of prospects in the Philippines and onshore East Africa.

Otto thanks BNP Paribas for its support throughout the Galoc Phase II project, and looks forward to collaborating with the Bank in future opportunities.

Otto's CEO, Matthew Allen, said "The accelerated retirement of Otto’s financing facility is a demonstration of our constant focus on prudent balance sheet management. The Galoc oil field continues to deliver reliable production during a period of sustained high oil prices. Otto is now in an enviable position of having: strong cashflows being generated by the Galoc oil field production; no debt; and excellent exploration opportunities, including high-impact drilling programs, in the Philippines and onshore East Africa”.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Accounting Manager
Expertise: Accounting
Location: Houston, TX
Data Processing Supervisor
Expertise: Planner / Scheduler|Project Controls|Refinery / Plant Operator
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours