Otto Energy Ltd (“Otto”), has been formally awarded Service Contract 73 (formerly Area 7) under the Fourth Philippine Energy Contracting Round.
The award of this service contract is a reflection of Otto’s significant expertise in the Philippine oil and gas industry.
Otto will now commence a program involving the reprocessing of existing seismic data with a minimum financial commitment of US$0.5 million within an initial period of 18 months.
Otto Chief Executive Officer Gregor McNab said: “The addition of this new exploration acreage is consistent with our strategy to build an integrated exploration, development and production company focused on South East Asia and East Africa. Service Contract 73 has the potential to restock our existing, high impact, exploration prospect inventory.”
Press Release, September 03, 2013