Otto Energy Limited (ASX:OEL) Commences A 2D Seismic Program In SC 69, Philippines
Otto Energy Limited (ASX:OEL) Commences A 2D Seismic Program In SC 69, Philippines

Perth, Mar 24, 2010 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL) (PINK:OTTEF) advises that it has commenced a 2D seismic data acquisition program in Service Contract 69 (SC 69) in the Visayan Basin of the Republic of Philippines.

The seismic vessel M/V Discoverer 2, operated by BGP GeoExplorer Pte Ltd, has been contracted to record the seismic data. Otto plans to acquire approximately 900 line km of 2D seismic data in SC69.

SC69 is covering an area of 7,040 km2 in the central Visayan Basin where numerous untested reef plays and structural targets have been identified on recently reprocessed regional 2D seismic data. The offshore part of the East Visayan Basin is relatively unexplored and covered by only a sparse vintage 2D seismic grid and few offshore wells. The new seismic data aims to delineate and mature several identified structural leads and to give support to our understanding of the petroleum systems.

This survey fulfils the service contract commitments in the current sub-phase.

About Otto Energy Limited

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
Otto Energy Limited
Tel: +61-8-6467-8800
info@ottoenergy.com



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