Otto Energy to Install Subsea Trees on G-6H (Philippines)

Otto Energy Limited, as operator of the producing Galoc oilfield joint venture offshore the Philippines, provides the following update on the Galoc-5H and Galoc-6H drilling campaign in SC14C, part of the Galoc Phase II development project approved in 2012.

During the period from 0600 hours (AWST) on 2nd October 2013 to 0600 hours (AWST) on 9th October 2013, the Galoc JV successfully completed running of the G-6H upper completion. The well is now suspended pending subsea tree installation, clean-up and flow testing. The marine riser and blowout preventer are currently being de-mobilised.

The forward plan is to move to G-5H, install the subsea tree and commence clean-up & flow testing, followed by the same procedure on G-6H.

The Galoc field is located in Service Contract SC14C (Galoc Sub Block) in 290 metres of water approximately 65km North West of Palawan Island and 350km south of Manila in the Republic of the Philippines. The Galoc-5H and Galoc-6H development wells are being drilled within the existing producing field that has delivered over 10 MMbbls of production since the field was commissioned in 2008.

First oil from the Phase II wells is expected in November 2013.

[mappress]

Press Release, October 09, 2013