Otto to drill Hawkeye-1 offshore Philippines

Otto Energy Ltd. (ASX: OEL) subsidiary Otto Energy Philippines Inc. has signed a farm-in agreement whereby Red Emperor Resources NL will earn a 15% working interest in SC55 offshore the Philippines.

Mar 4th, 2015

Offshore staff

SYDNEY, Australia –Otto Energy Ltd. (ASX: OEL) subsidiary Otto Energy Philippines Inc. has signed a farm-in agreement whereby Red Emperor Resources NL will earn a 15% working interest in SC55 offshore the Philippines.

Otto also has executed a letter of intent with Maersk Drilling to secure theMaersk Venturer ultra-deepwater drillship to drill the Hawkeye-1 exploration well.

Red Emperor has agreed to farm in toSC55 and earn a 15% working interest by participating in the drilling of the Hawkeye-1 exploration well.

03/04/2015

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