First oil from Galoc field scheduled for May

The development sequence for the Galoc oil field offshore Philippines is nearing completion with the final stage being the mobilization, hookup, and on-site commissioning of the FPSO, Rubicon Intrepid, and subsea equipment, according to Otto Energy Ltd.

Offshore staff

PERTH, Australia -- The development sequence for the Galoc oil field offshore Philippines is nearing completion with the final stage being the mobilization, hookup, and on-site commissioning of the FPSO, Rubicon Intrepid, and subsea equipment, according to Otto Energy Ltd.

The FPSO pre-commissioning and verification of readiness, for hook-up to the pre-installed mooring and riser system, is progressing in Batangas (120 km [75 mi] south of Manila). The precommissioning of the FPSO is nearing completion and the FPSO is expected to be mobilized to the Galoc Oil Field shortly. First oil from the Galoc Field is now scheduled for early May.

Otto has an 18.28% beneficial interest in the Galoc Oil Field through a 31.38% shareholding in Galoc Production Co. W.L.L (GPC) which holds a 58.29% working interest in the Galoc Oil Field.

04/18/2008

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