A pre survey vessel is initially performing routine line scouting, with full 3D offshore seismic using the CGGVeritas Pacific Sword to commence on May 22, 2007. Otto will be acquiring:
--116km2 of 3D data over the Calauit and Calauit South Fields in SC 50. --The vessel will then sail to SC 51 to acquire a 3D seismic of 145km2 & 261km 2D. --Finally, the vessel will acquire 860km of 2D data in Otto's deepwater permit SC 55.
The entire survey operation is expected to be complete by the end of July 2007, after which the seismic data will be processed and interpreted and drilling plans finalized.
Figures showing the program are included below, with the principal objectives as follows:
--SC 50 - Delineate the Calauit Oil Field to optimize development well locations, for drilling in Q3 2008. The mid case estimate of oil in place for Calauit field is ~ 40MMbbls. 3D seismic will more accurately delineate the Calauit structure and evaluate potential field extensions to the north and the south. --SC 51 – Mature the Argao & Cabilao prospects for drilling in 2008. Argao & Cabilao have a combined P50 potential of over 200 MMbbls recoverable, and DHI's on the existing 2D seismic that can be better investigated with a comprehensive modern 3D data set. The program will cover two reef prospects and three anticlinal plays. --SC 55 – Mature the Rizal reef build-ups, which lie on trend with the giant Marantao prospect. Marantao lies in about 1,900m of water and is planned to be drilled in late 2008 / early 2009. It is the company's opinion that Marantao has the volumetric potential to contain sufficient gas to warrant an LNG project. The Rizal leads, which have at this stage only sparse seismic coverage, have the combined potential to be as large as Marantao with the northernmost reef in substantially shallower water of around 250m.
Otto Energy CEO Alex Parks said: "We are eager to commence the seismic program which is designed to mature our exploration portfolio in the Philippines and allow Otto to finalize drilling plans for Argao and Calauit. This data will also further assist in our plans to secure a quality farm-in partner for drilling in SC 51 & SC 55."
West Perth, Australia-based oil and gas explorer Otto Energy has assembled a balanced portfolio of oil and gas exploration and production projects in the Philippines, Turkey, and Argentina.
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