The revisions give credit for the seismic acquisition currently under way and adjust the drilling deadlines accordingly.
The dates by which the first well in each Service Contract are due are; by March 2009 in SC 50 & SC 51, and by August 2009 in the deep water permit SC 55.
The extensive 2D & 3D seismic program underway will significantly enhance the understanding of the exploration potential in the three Service Contract areas and allow Otto to prepare detailed drilling programs for each area and attract quality farm in partners to participate in the drilling.
These dates also comfortably fit with the scheduled delivery of the MPSS in Q3 2008. The MPSS (Multi-Purpose Semi Submersible) is currently under construction in a shipyard in China and will be leased by Otto for the first 3 years of its life for use in the Philippines for exploration drilling and extended production testing of the Calauit Field and any subsequent discoveries.
Commenting on the news Alex Parks, CEO of Otto Energy, said "This approved work program is both reasonable and achievable. It allows Otto the time to attract farm-in partners in each Service Contract on good terms to Otto, towards the end of this year, once we have interpreted the data from the current Trinity Seismic program."
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