It has until November to acquire 228sq.km of 3D seismic.
Otto will use the extra time to complete outstanding technical work and complete a planned farm-down.
It said a number of drilling targets already had been identified, with the SC work program dictating that a well be drilled by November 7, 2015, by the latest.
In the event of success at the first well, Otto said that a number of follow-up targets had already been identified.
Otto has a 79% stake in SC 69, while Frontier Gasfields has 15% and TransAsia Oil and Energy has a 6% interest.
