Perth, Feb 10, 2010 (ABN Newswire) - Otto Energy Limited (ASX:OEL) advises that it is commencing a new 3D seismic data acquisition program in SC55. Otto plans to acquire approximately 1,800km2 of 3D data in SC55.
The seismic vessel, Ramform Explorer operated by Petroleum Geo-Services Asia Pacific Pte Ltd is currently in the field and will be commencing seismic acquisition on 10 February 2010. The survey is expected to take approximately 2 months to complete.
About Otto Energy
Based in West Perth, Otto Energy Limited (ASX: OEL) is an international exploration and production company that has assembled a balanced portfolio of oil and gas assets in the Philippines, Turkey, Italy and Argentina.
As of mid 2008, Otto expects to receive revenue from production at the Galoc Oil Field in the Philippines which will be used to fund further development and exploration across all of the Company’s highly prospective assets. Otto is opportunity rich with an exploration portfolio that includes additional discoveries that are under development, approximately 20 drillable prospects covered by new 3D seismic and well over 60 exploration leads which are being matured as follow-up potential. Consequently, Otto has an active exploration and appraisal drilling program in 2008/2009.
Contact
Matthew Allen Chief Financial Officer Tel: +61-8-6467-8800 info@ottoenergy.com
ASX:OEL) advises that it is commencing a new 3D seismic data acquisition program in SC55. Otto plans to acquire approximately 1,800km2 of 3D data in SC55.
Otto Energy
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