Otto gets more time in Philippines

OTTO Energy will have more time to find a farm-out partner at SC 69 in the Philippines after the government decided to give the company a six-month extension on the current sub-phase.
Otto gets more time in Philippines
Otto gets more time in Philippines
Otto gets more time in Philippines
Otto gets more time in Philippines
Otto gets more time in Philippines

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.

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