Offshore staff
SYDNEY, Australia –The Philippines Department of Energy has extended by nine months the Otto Energy Ltd. (ASX:OEL) Exploration Sub-Phase 3 on service contract 69.
Otto says the extension is to allow sufficient time to complete detailed evaluation and grading of prospects. Further, recent 3D seismic confirms three potential targets in Lampos, Lampos South, and Managua East areas of the service contract.
Otto Energy Investments Ltd. holds 79%, Frontier Gasfields Pty Ltd holds 15%, and Trans-Asia Oil and Energy Development Corp. has 6%.
Now, the sub-phase and work program are as follows:
· Sub-Phase 3 expires May 7, 2013, with a commitment of either 3D seismic of an exploration well
· Sub-Phase 4 expires May 7, 2014, with the same commitment
· Sub-Phase 5 expires May 7, 2015, and requires one exploration well.
6/27/2012
