Otto Energy Reports Disappointment Over Hawkeye-1 Well Off Philippines

Otto Energy Ltd provided Monday the following update on the drilling of the Hawkeye-1 exploration well in Service Contract (SC) 55, offshore Palawan Basin in the Philippines which has been drilled to the planned total depth of 9,580 feet (2,920 meters).

The top reservoir was intersected at 8,891 feet (2,710 meters). Hydrocarbons were logged between 8,891 feet (2,710 meters) and 8,780 feet (2,737 meters) in reservoir of variable quality and cutting returns provided indications of fluorescence, usually an indicator of liquid hydrocarbons. Below 8,780 feet (2,737 meters) water was inferred from log observations in a reservoir sequence of good quality.

Hawkeye-1 will now be plugged and abandoned. All measurements are from the rig rotary table.

The drilling program has been executed smoothly, ahead of schedule and ahead of budget. Otto is fully carried on the cost of drilling Hawkeye-1.

Matthew Allen, Otto’s Managing Director and CEO said: “The Hawkeye-1 exploration well has proven the existence of hydrocarbons in SC55. The hydrocarbon size discovered is however at the very low end of expectations and is not economic to develop. Otto will now incorporate the results from the well into our understanding of the other prospects, including Cinco, in the license which potentially share the same charge source.

Otto is preparing for the upcoming exploration programs in our Alaskan and Tanzania assets. Whilst the result at Hawkeye is disappointing, Otto is a well-funded explorer with high impact exploration activity in the coming 12 months”.


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