Commenting further, Ottoman's Managing Director said: - "The proposed arrangements to bring the MPSS to the Philippines on a long term contract and the execution of the seismic contract with Veritas for SC55 earlier this week, demonstrates Ottoman's commitment to its significant exploration and production portfolio in the Philippines."
Ottoman currently holds an indirect 50% beneficial interest in the Calauit Oil Field (SC50) via its shareholding in NorAsian. Subject to shareholder approval being received at the General Meeting to be held on 18 August, Ottoman will hold an 100% beneficial interest in SC50.
Vital Resources Corp ("Vital") has the right to earn a 30% interest in NorAsian's three licenses SC50, SC51 and SC55. To acquire these interests, Vital will be contributing the majority of the expenditures relating to the seismic program and bringing the Calauit Oil Field into production.
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