Wednesday, June 08, 2011
Otto Energy Ltd.
Otto has commenced a 3D seismic data acquisition program 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 (as outlined in the attached map).
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 sizable reef structures, Lampos and Lampos South that sit immediately adjacent to the Calamangan Trough which is modeled 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."
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