Otto Energy Repays Financing Facility Offered for Galoc Phase II in SC14C
Otto Energy Ltd (Otto) reported Tuesday that it has fully repaid the BNP Paribas financing facility, which was put in place in December 2012 to fund Otto’s share of the Galoc Phase II development in Service Contract SC14C, north west of Palawan Island, offshore the Philippines.
The Galoc oil field production performance in the first half of 2014 has been strong and, together with strong realized prices for Galoc crude, has allowed the accelerated repayment of this facility. The facility had tenor of December 2015 and was fully drawn to $35.9 million in December 2013.
Future cashflows generated from the Galoc oil field will be used to fund exploration activity across Otto’s exciting portfolio of prospects in the Philippines and onshore East Africa.
Otto thanks BNP Paribas for its support throughout the Galoc Phase II project, and looks forward to collaborating with the Bank in future opportunities.
Otto's CEO, Matthew Allen, said "The accelerated retirement of Otto’s financing facility is a demonstration of our constant focus on prudent balance sheet management. The Galoc oil field continues to deliver reliable production during a period of sustained high oil prices. Otto is now in an enviable position of having: strong cashflows being generated by the Galoc oil field production; no debt; and excellent exploration opportunities, including high-impact drilling programs, in the Philippines and onshore East Africa”.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call