Otto Energy Limited (ASX:OEL) Service Contract 55, Philippines Revisions Granted
Otto Energy Limited (ASX:OEL) Service Contract 55, Philippines Revisions Granted
Perth, April 29, 2010 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL) (PINK:OTTEF) through its wholly owned subsidiary NorAsian Energy Limited is pleased to advise that the Philippine Department of Energy (DOE) approved amendments to the work program and budget within Service Contract 55. The revised work program and budget requires the following activity to be executed:

- Sub-Phase 3 (5 Aug 2009 to 5 Aug 2011) - 3D seismic program (completed in March 2010)

- Sub-Phase 4 (5 Aug 2011 to 5 Aug 2012) - 1 well

- Sub-Phase 5 (5 Aug 2012 to 5 Aug 2013) - 1 well

In addition, as previously advised, the DOE has granted an increase in the Service Contract area by an additional 880 km2 of previously unlicensed acreage partially covered by the recently acquired 3D seismic. The revised permit area is outlined in the attached map (see link at the bottom).

Otto, NorAsian and its partners are proud to continue our excellent working relationship with the DOE as we progress the exploration program in Service Contract 55. This permit exposes the shareholder of Otto to high impact exploration potential in the Philippines.

For the complete Otto Energy Limited announcement including the map, please click the following link:

http://www.abnnewswire.net/media/en/docs/62721-ASX-OEL-488945.pdf

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
Tel: +61-8-6467-8800
Email: info@ottoenergy.com



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