The data will now be processed by CGGVeritas and delivered to Otto Energy in September/October this year for interpretation.
The 145km2 3D seismic acquired in SC51 forms the last part of the Trinity Survey covering the Argao, and Cabilao prospects. The various target zones in the anticlinal Argao structure potentially contain up to 270 MMbbls of recoverable oil in conventional sandstone reservoirs.
The presence of hydrocarbons is supported by observance of "Direct Hydrocarbon Indicators' on the existing 2D data. The 3D seismic will allow more detailed evaluation of the DHI's and optimization of a drilling location to target the three potential horizon objectives in the Argao structure. Cabilao is an adjacent reef structure also covered by the 3D survey and will be a potential follow up exploration well targeting up to 150 MMbbls of recoverable oil.
Because of their close proximity, success in one prospect significantly enhances potential success in the other.
The next step in the exploration program is to conduct an extensive environmental survey in the Cebu-Bohol Straits to prepare for drilling the Argao structure in 2008. This survey will commence within the next few months.
In total Otto Energy acquired:
-- 116km2 of 3D data over the Calauit and Calauit South Oil accumulations in SC 50. -- 954 km of 2D data in Otto's deep water permit SC 55. -- 145km2 3D seismic in Otto's SC 51 permit over the Argao and Cabilao prospects.
At the request of the Department of Energy in the Philippines, Otto Energy has deferred acquisition of the 261km of planned 2D data in SC51. A challenge has been made by a local non-government organization to the Department of Environment and Natural Resources regarding the validity of the environmental permit issued to Otto by the DENR to allow seismic acquisition in the Cebu-Bohol Straits. This challenge is no reflection on Otto or CGGVeritas, who are acknowledged by all parties to have fully complied with all permitting requirements before and during the survey. As the matter is unlikely to be resolved before the 2D survey would otherwise have commenced, the DoE has requested Otto to defer the acquisition until a later date. The 2D data is not critical to the short term drilling plans for SC 51 and can be acquired at a later date.
The Filipino DoE has been very supportive throughout the operations and Otto would like to publically express gratitude for all their input in the lead up to, and during the Trinity survey.
Commenting on the release Otto Energy Ltd CEO Mr. Alex Parks said,
"CGGVeritas have performed magnificently. Their environmental, health and safety record was first rate and they have saved Otto Energy substantial sums by their efficient operations and ability to finish this phase of our Philippines exploration program ahead of schedule and under budget".
"Our exploration and development program in the Philippines remains on schedule. This extensive program of seismic data, acquired over all three permits, will allow further evaluation of our prospects and detailed planning for drilling in 2008. Importantly, the new data will significantly increase our ability to seek substantial farmin partners for all our licenses in the Philippines."
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