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    Otto Energy Gets More Time to Survey Philippines Oil, Gas Block

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Summary

Philippines Department of Energy has given the nod for extension of exploration and development contract of Otto Energy Ltd. for SC51, Northwest Leyte Peninsula oil and gas block.

by: Shardul

Posted in:

Asia/Oceania

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Otto Energy Gets More Time to Survey Philippines Oil, Gas Block

Philippines Department of Energy has given the nod for extension of exploration and development contract of Otto Energy Ltd. for SC51, Northwest Leyte Peninsula oil and gas block. This extension, valid till January of next year, has been approved to allow completion of the acquisition, processing, and interpretation of the present 2D seismic program.

Otto Energy will shoulder the entire cost of the drilling in exchange for an 80 percent stake in SC 51 under a deal it earlier signed with SWAN Oil & Gas Ltd., which had bowed out of the north block of the contract area.

SC 51 is divided into two areas: the southern portion, which covers the Cebu-Bohol Strait, and the northern portion, which covers a portion of onshore Leyte. The Duhat structure is mapped to have mean in place volume (STOIIP) of 76 mmbbl.

The company's partners in SC 51 are Alcorn Gold Resources Corp., Trans-Asia Oil and Energy Development Corp. and PetroEnergy Resources Corp.

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