DOE grants 6-mo extension of SC 69 work program
MANILA, Philippines - The Department of Energy (DOE) has granted proponents of Service Contract 69 in offshore Visayas a six-month extension on its current exploration work schedule, Australian oil and gas company Otto Energy said.
Otto Energy owns 79 percent of SC 69, Frontier Energy holds a 15 percent interest while Trans-Asia Oil and Energy Development Corp. has a six-percent stake.
In a disclosure to the Australia Stock Exchange yesterday, Otto Energy said the revised work program is from Feb. 7, 2011 to November 2013 for sub-phase 3 of the project; Nov. 7, 2013 to Nov. 7, 2014 for sub-phase 4 and Nov. 7, 2014 to Nov. 7, 2015 for sub-phase 5.
Under sub-phase 3, proponents committed to acquire 228 square kilometers of 3D seismic data and for sub-phase 4, 50 square meters 3D seismic or drill 1 exploration well. For sub-phase 5, the commitment is to drill one exploration well.
Otto Energy said the group behind SC 69 would maximize the extension period to complete technical work.
“During the extension period, outstanding technical work will be completed, well planning will commence and a farm-down process will be undertaken,†it said.
3D seismic data has confirmed the presence of three attractive potential drilling targets in the most prospective portion of the block, it added.
It said the results of the 3D seismic study are encouraging and present a series of potential targets for the first well in the block.
“In the event of success in the first well, significant follow up targets have also already been identified,†Otto said.
Aside from SC 69, Otto Energy also has various other assets in the Philippines. It also operates the Galoc oil field in offshore Palawan.
- Latest
- Trending
