Otto Energy to Install Subsea Trees on Galoc Well, 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.

Progress

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.

Forward Plan

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-5H and Galoc-6H development wells will be drilled to a total vertical depth of 2,190 metres with 1,777 metres of horizontal completion in the G-5H well and 1,389 metres of horizontal completion in the G-6H well. Drilling is expected to take approximately 115 days including the flowing of the wells for clean-up.

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

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Press Release, October 09, 2013