Otto Energy has provided an update from the Operator, Galoc Production Company (GPC), on production from the Galoc Oil Field, located in SC14C northwest Palawan, offshore Philippines.
Production commenced from the first of two wells at 10: 45 am local time on October 9, 2008. Since then, the field has now been in production for 11 days during which time well tests have been undertaken and production commenced from both wells. While the well test data is still being analyzed, overall performance is consistent with expectations and a steady state production of 18,000-20,000bbls a day is anticipated within the next few days.
The first cargo of crude oil from Galoc Field is scheduled during the first week of November 2008.
Otto holds a 31.38% shareholding in GPC, which holds a 58.29% working interest in the Galoc oil field, giving Otto an 18.28% indirect interest in the field.
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