GPC Disconnects FPSO to Reduce Risk of Damage from Adverse Weather

Otto Energy has been advised by the Galoc Field operator, the Galoc Production Company WLL (GPC), that weather at the field was monitored throughout the day and the decision made to disconnect the Rubicon Intrepid FPSO late yesterday afternoon. The disconnection of the Rubicon Intrepid FPSO from the mooring and riser was completed at 19.00 hours yesterday evening, May 7, 2009.

The decision to disconnect was undertaken to reduce the risk of damage to the FPSO's mooring and riser system (M&RS) due to the prevailing adverse weather conditions. The Rubicon Intrepid and its support vessel remains near the field location and will reconnect once local weather conditions are suitable.

The Philippines Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) has downgraded Emong (Chan‐Hom) to a tropical storm. Otto will keep the market updated on progress towards reconnecting the Rubicon Intrepid FPSO and resuming production on the Galoc Field.