Otto Gets Extension to SC69 Exploration (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.
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,” said Otto in a press release.
June 11, 2013