Otto Energy Receives Exploration Extension for SC69 (Philippines)

Otto Energy Limited advises that the Philippines Department of Energy (DOE) has approved a six month extension to the current Exploration Sub-Phase 3 of SC69 offshore the Visayas.

The revised permit timing and status is as follows:

Sub-Phase 3; 7 Feb 11 to 7 Nov 13 (Acquired 228 km2 3D seismic data)

Sub-Phase 4; 7 Nov 13 to 7 Nov 14 (50 sqm 3D seismic or drill 1 exploration well)

Sub-Phase 5; 7 Nov 14 to 7 Nov 15 (Drill 1 exploration well)

3D seismic data acquired in 2011 has confirmed the presence of three attractive potential drilling targets in the most prospective portion of the block, Lampos, Lampos South and Managau East.

During the extension period, outstanding technical work will be completed, well planning will commence and a farm-down process will be undertaken.

The results of the 3D seismic are encouraging and present a series of potential targets for the first well in the block. In the event of success in the first well, significant follow up targets have also already been identified.

The working interests in Service Contract 69 are: Otto Energy (through wholly owned subsidiary Otto Energy Philippines Inc) 79%, Frontier Gasfields Pty Ltd 15% and Trans-Asia Oil and Energy Development Corporation 6%.

[mappress]
Press Release, June 11, 2013