Ottoman to Commence Seismic in Philippines
Ottoman Energy Limited ("Ottoman") (ASX: OEL) said that its subsidiary NorAsian Energy Limited ("NorAsian") has executed a contract with Veritas Geophysical (Asia Pacific) Pte Ltd ("Veritas") to shoot a 400-km 2D seismic program over the giant Marantao Reef Prospect in its SW Palawan deep water block (SC55).
The survey is part of a regional group shoot using the Veritas' MV Veritas Voyager, which is scheduled to carry out this survey during September 2006. Service contract SC55, which has a total area of 9,150 sq km, hosts the giant Marantao Reef Prospect, with mapped closure of over 150 sq km. Marantao is approximately 5 times the size of the Shell-operated Malampaya Oil and Gas Field, which has reserves in excess of 3.2 tcf of gas and 100 mm barrels of oil and is geologically similar and on trend with Marantao.
Ottoman sees SC55 as a key license, strategically located in the center of a prolific oil and gas fairway that runs for over 1000km from the oil and gas fields offshore Sarawak and Brunei in the SW, to Ottoman's Calauit Oil Field in the NE. SC55 has significant potential due to the size and variety of play-types, including a string of reefs on trend with Marantao and deepwater Miocene "Pagasa" turbidite sand targets.
Ottoman currently holds a 42.5% interest in SC55 via its shareholding in NorAsian. Subject to shareholder approval being received at the General Meeting to be held on 18 August, Ottoman will hold an 85% interest in SC55.
Vital Resources Corp ("Vital") (CNQ: VITL) has the right to earn a 30% interest in SC55.
Vital will be contributing the majority of the expenditure relating to the seismic program.
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