In April, the company said it had received a number of expressions of interest for its 80%-held SC51 and was hopeful of securing a partner this year.
In a third-quarter results announcement on Thursday, Otto said it was in discussion with a farm-in partner to participate in the Duhat-1 well with commercial terms agreed.
The company added that agreement would become unconditional once conditions were satisfied.
SC51 is in the East Visayan Basin in the central Philippines. Otto had made a commitment to drill Duhat-1 in the first quarter of 2011, subject to the approval of the Philippine Department of Energy.
Duhat-1 is the commitment well for the permit and will be drilled to a depth of 1000m, targeting the Miocene-age sandstone reservoir of the Tagnacot formation.
Meanwhile, the company is continuing to seek partners to participate in an appraisal and extended well test program for the Calauit field in SC50.
The company also said it continued to work with operator Galoc Production Company to improve the performance and plan for the appraisal and development of the remainder of the Galoc field in the offshore Palawan Basin.
During the September quarter, production from Galoc totalled 129,163 barrels net to Otto with two offtakes delivered to customers.
The Rubicon Intrepid floating, production, storage and offloading vessel achieved an uptime of 92%.
At the end of the quarter, Otto had $US32.7 million cash.
Meanwhile, production from the Galoc oil field in the offshore Palawan Basin, Philippines, has been shut-in after operator Galoc Production Company disconnected the floating, production, storage and offtake vessel Rubicon Intrepid due to Typhoon Megi.
GPC, which holds a 59.845% stake in the field, said FPSO owner Rubicon Offshore was mobilising a support vessel and equipment to the field to determine if there was any damage from the non-routine disconnection and to assist in reconnecting the mooring and rise.
Production is expected to take at least several weeks to restart.
Otto Energy, the owner of 31.38% of GPC, said it had already met its 2010 production target and had produced 427,080 barrels of oil from the field.
Other partners include Nido Petroleum (22.879%), Oriental Petroleum (7.785%), Philodrill Corporation (7.215%) and Forum Energy Philippines (2.276%).
