Otto gets further extension of service contract offshore the Philippines
The Philippines Department of Energy has extended for a further six months Otto Energy Ltd.’s (ASX:OEL) offshore service contract.
SYDNEY, Australia – The Philippines Department of Energy has extended for a further six months Otto Energy Ltd.’s (ASX:OEL) offshore service contract.
The extension applies to the current Exploration Sub-Phase 3 in SC 69 off the Visayas. The work commitment for Sub-Phase 3 involves acquisition of 228 sq km (88 sq mi) of3D seismic data. The extension is for completion of technical work to be followed by well planning and a farm-down process.
Otto says 3D seismic from 2011 confirms three potential drilling targets in the block at Lampos, Lampos South, and Managau East.
Otto holds 79% of the working interest, with Frontier Gasfields Pty Ltd at 15% and Trans-Asia Oil and Energy Development Corp. the remaining 6%.