Otto Reports on Philippines, Plans to Drill More Wells
Two years of detailed technical review and evaluation has identified considerable potential in Otto's Philippines acreage portfolio that warrants commitment to the drilling of multiple explorations wells. In SC55 numerous potentially "billion barrel" in place structures have been identified in the heart of an established petroleum system. The Argao structure in SC51 consists of eight stacked target zones that each could contain 40 with 300MMbbls in place. Otto has also invited bonafide parties to evaluate the work done with a view to acquiring equity in the projects via partial purchase or via exploration carry commitments.
Otto became operator of SC50, SC51 and SC55 following acquisition of NorAsian Energy. The Company has very high equity of between 80 and 85% in each of these three Service Contract areas.
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