Otto Energy Spuds Hawkeye-1 Prospect in SC 55 Offshore Palawan Basin



Otto Energy Ltd. provided Monday the following update on the drilling of the Hawkeye-1 exploration well in Service Contract 55, offshore Palawan Basin in the Philippines as at 0600 hours (AWST) Aug. 3.

Progress

The Hawkeye-1 exploration well was spud at 1610 hours (AWST) July 31. The 36 inch conductor was run to 6,253 feet (1,906 meters) and the 26 inch hole subsequently drilled to 8,035 feet (2,449 meters). Current operations are to cement the 20 inch casing string.

Forward Plan

The forward plan is to connect the blow-out preventer to the wellhead and pressure test before commencing to drill the 17.5 inch hole to just above the primary target reservoir.

The next update will be provided once the 12.125 inch section is drilled into the primary target reservoir, anticipated to occur about two weeks from now.

The Hawkeye-1 exploration well will be plugged and abandoned upon completion of drilling and logging. All measurements are from the rig rotary table.



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