Philippines: Otto Beefs Up its Stake in Galoc Offshore Oil Field

Otto Energy Ltd announces that it has now completed the transaction with Vitol previously announced on 12 August 2011. Otto has increased its stake in the Galoc Oil Field to a 33% direct working interest by acquiring 100% of the equity in the Operator, Galoc Production Company WLL. 

“Otto would like to thank Vitol for the good nature in which the deal has been conducted and wish Vitol well in their future endeavours.  Otto is now focused on progressing the Phase II Development at the Galoc Oil Field.” Otto said on its website.

[mappress]
Source:Otto Energy, September 30, 2011; Image: Nido Petroleum