Otto Kicks Off 2D Seismic Program in Philippines

Otto Energy has commenced a 2D seismic data acquisition program in Service Contract 69 (SC 69) in the Visayan Basin of the
Republic of Philippines.

The seismic vessel M/V Discoverer 2, operated by BGP GeoExplorer Pte Ltd, has been contracted to record the seismic data. Otto plans to acquire approximately 900 line km of 2D seismic data in SC69 (as outlined in the attached map).

SC69 is covering an area of 7,040 km2 in the central Visayan Basin where numerous untested reef plays and structural targets have been identified on recently reprocessed regional 2D seismic data. The offshore part of the East Visayan Basin is relatively unexplored and covered by only a sparse vintage 2D seismic grid and few offshore wells. The new seismic data aims to delineate and mature several identified structural leads and to give support to our understanding of the petroleum systems.