Otto Energy will be commencing a 3D seismic data acquisition program in SC55. The Company plans to acquire 590km2 of 3D data in the southwest part of SC55. The program is designed to mature the Hawkeye structure and several other key leads in the license area. The seismic vessel is scheduled to arrive in the survey area on December 14, 2009.
SC55 covers 9,000km2 in the southwest Palawan Basin, Philippines. It is located on a regional oil and gas fairway that extends from the productive Borneo offshore region in the southwest to the offshore Philippines production assets northwest of Palawan.
Otto has an 85% working interest in SC55 and is the operator. The seismic program will satisfy Otto's commitments under its work program for the current sub‐phase of exploration of this block.
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