KUFPEC gets interest in Galoc development offshore Philippines

With Phase II development drilling scheduled to begin in June and first Phase II production in 4Q 2013, the Kuwait Foreign Petroleum Exploration Co. has assumed a 26.84473% working interest in the Galoc joint venture.

Offshore staff

SYDNEY, Australia – With Phase II development drilling scheduled to begin in June and first Phase II production in 4Q 2013, the Kuwait Foreign Petroleum Exploration Co. has assumed a 26.84473% working interest in the Galoc joint venture.

KUFPEC acquired Risco Energy Pet. Ltd. and with it the interest in the Galoc oil production projectoffshore the Philippines. Otto Energy Ltd. (ASX:OEL) is the operator with a 33% working interest.

5/2/13

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