Otto completes Phase 2 oil development drilling at Galoc offshore the Philippines

Otto Energy’s (ASX:OEL) Galoc 5H well offshore the Philippines reached TD of 4,497 m (14,759 ft) to conclude Phase 2 drilling.

Offshore staff

SYDNEY, Australia – Otto Energy’s (ASX:OEL) Galoc 5H well offshore the Philippines reached TD of 4,497 m (14,759 ft) to conclude Phase 2 drilling.

Galoc 5H and 6H combined drilled 3,177 m (10,421 ft) horizontally through the reservoir with 1,645 m (5,396 ft) of net oil pay. Well completions and subsea tree installation are next on the list.

At the same time Otto says upgrades to the FPSORubicon Intrepidalso were completed in anticipation of the additional production from the new completions.

Subsea equipment delivery and installation vessel arrivals are on schedule, with first oil from the two new wells expected in November 2013.

9/18/2013

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