BHP Billiton Step Closer to Cinco-1 Drilling (Philippines)
Otto Energy Limited has announced it has been notified that the Palawan Council for Sustainable Development (“PCSD”) has approved the issuance of the Strategic Environmental Plan Clearance (“SEP Clearance”) in relation to drilling of the Cinco-1 exploration well in Service Contract 55 (“SC55”).
Formal written endorsement is being finalised between the PCSD,the Operator, BHP Billiton Petroleum (Philippines) Corporation (BHPB) (ASX: BHP) and the Philippines Department of Energy (DOE).
The SC55 joint venture will seek confirmation from the DOE of the revised work program timing following the suspension due to Force Majeure.
Otto Chief Executive Officer Gregor McNab said: “This is a positive step in closing the final regulatory approvals required to progress drilling of the Cinco-1 exploration well. We look forward to finalising these approvals and the commencement of drilling activities.”
To remind, BHP Billiton, the operator of SC55, in May declared a Force Majeure with the Philippine Department of Energy, seeking a suspension of permit obligations, amid delays in receiving the SEP Clearance.
August 29, 2013