Otto Energy Ltd (Otto) provided Thursday an update on operations and further exploration, appraisal and development studies at the Galoc oil field in Service Contract 14C in the North West Palawan Basin, offshore Philippines.
Since the start-up of Phase II in December 2013, production has exceeded over 2 million barrels, with seven cargoes delivered into South East Asian refineries. Production has been in-line with or exceeded the production profile based on the 2P reserves expectations outlined in March 2014.
Otto expects a further three cargoes will be delivered in 2H 2014. A total of 10 cargoes will be delivered for the full year.
Further Exploration, Appraisal and Development Studies
In early 2014, Otto commenced a series of activities to incorporate Phase II drilling results into a detailed analysis of the field, which has resulted in a clearer understanding of the structure and reservoir distribution between the Galoc Central Field Area (where current production wells are located) and the Galoc Mid and Galoc North Areas. Further studies will be completed by 4Q 2014.
Before the end of 2014 or in early 2015, a recommendation is anticipated regarding further activities to unlock the upside potential of the Galoc Mid Field Area and/or to undertake additional drilling and infill activities to complement existing production at the Central Field Area.
Otto's CEO, Matthew Allen, said: "Galoc is a key asset for Otto and has continued to deliver excellent production performance and uptime during 2014. The potential to significantly add to the current Central Field Area 2P reserves from the Galoc Mid and North Areas, as well as additional incremental volumes from further Central Field Area infill drilling, is very exciting and we look forward to completing the current round of studies and moving into further development activities at this high-value producing field.”
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