Otto Preps Galoc Oil Field for Production
Australian based oil & gas company Otto Energy released the following announcement regarding the Galoc Field Development offshore Philippines.
Otto has an indirect 18.28% interest in the Galoc field via a 31.38% shareholding in Galoc Production Company W.L.L. ("GPC") which holds a 58.29% working interest in the Galoc Oil Field. A subsidiary of the Vitol Group ("Vitol") owning the remaining stake (68.62 %) In line with previous announcements, the Galoc-4 well is currently open for clean-up and flow to surface today.
The objective of this is to 'clean-up' the well, confirm the well's integrity, gather oil samples and prepare the well for production to the FPSO in April. Otto will keep the market informed of any further material developments in this regard and report on the full results tomorrow.
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