Otto’s more investments after their 1 Million barrels of Oil in Galoc Field, Palawan
With a big success of the Otto Energy Ltd in their oil and gas exploration in the Philippines; the company is now in the focus for more investments. Last March 9, 2009 Otto Energy Limited (ASX:OEL)(PINK:OTTEF) announced that the Galoc Field has produced its first million barrels of oil counting as their investment in the Philippines as yielding a good fruit.
Otto Energy Ltd - an Australian oil and gas firm said on Friday – August 12, 2011 it would increase its stake in the Philippines' Galoc oilfield to a direct 33 percent from an indirect 18.78 percent at a cost of $18.7 million.
Otto already owned 31.38 percent of Galoc Production Co WLL (GPC), the operator of the Galoc field, and said it would buy the other 68.62 percent of GPC from European trader Vitol Group.
GPC has a direct 59.84 percent stake in the Galoc field, which currently produces 6,800 oil barrels per day and is near the Camago-Malampaya natural gas fields in the South China Sea.
Otto said it would sell a 26.84 percent stake in the oilfield to Singapore energy investment firm Risco Energy Pte Ltd, thus reducing its interest to 33 percent.
Other firms with stakes in Galoc include Nido Petroleum and Philodrill Corp .
"Galoc is a proven producing asset that we know well and that complements our high potential Philippines exploration portfolio," Otto acting chief executive Matthew Allen.
The transaction is subject to regulatory approval in the Philippines.
Otto Energy Limited (ASX:OEL) Galoc Oil Field Produces One Million Barrels
Perth, Mar 9, 2009 (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce that the Galoc Field has produced its first million barrels of oil.
Otto's Chief Executive Officer, Mr. Alex Parks said today "Whilst the first one million barrels of crude produced from the Galoc Field is a significant milestone to be recognised, we are still only at the beginning of the field life. The technical data being gathered during this initial production period is providing insights into the reservoir that will determine the management and further development of the field in the future". Mr Parks went on to say "I must thank the Philippines Department of Energy, the Galoc Production Company, our other Joint Venture partners and the operator of the leased FPSO, Rubicon Offshore International, for their co-operation and contributions in realising this milestone, and look forward to many more."
Otto holds a 31.38% shareholding in Galoc Production Company (GPC) which has a 58.29% working interest in the Galoc licence, and is the field Operator. Galoc is located in Service Contract (SC) 14C off the west coast of Palawan in the Philippines.
Otto Energy Starts 3D Seismic Data Acquisition in SC 69 in Visayan Basin
Otto Energy Limited advises that it has commenced a 3D seismic data acquisition program last June 8, 2011 in Service Contract 69 (SC 69) in the Visayan Basin of the Republic of Philippines.
The seismic vessel BGP Explorer, operated by Exploiter Pte Ltd (a subsidiary of BGP ), has been contracted to record the seismic data. Otto plans to acquire approximately 210 km2 of 3D seismic data in SC69 .
SC69 covers an area of 5,280 km2 in the central Visayan Basin where the data acquired from the successful 2D seismic campaign last year confirmed the presence of two sizeable reef structures, Lampos and Lampos South that sit immediately adjacent to the Calamangan Trough which is modelled to generate both oil and gas. Current “success case” estimates of oil initially in place in the combined structures range between 22 mmbbls and 713 mmbbls with a mean in place volume of 290 mmbbls.
This survey fulfils the service contract commitments in the current sub-phase.
Otto’s Managing Director Paul Moore said “the ongoing exploration program in the Visayan region of the Philippines is a core part of Otto’s exploration program with the 3D seismic currently being acquired ahead of the drilling obligation, in the next sub-phase”.
