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OTTO Approves Drilling of the Duhat-2

Source: www.gulfoilandgas.com 12/13/2012, Location: Asia

Otto Energy Limited announces that the SC-51 North Joint Venture (Otto 80%) in the Philippines has approved the work plan and budget to drill the Duhat prospect in mid-2013.

The decision follows a targeted seismic program in 2012 that confirms the robustness of the large anticline that was poorly defined on previous seismic data.

Otto recently doubled its equity in SC-51 North to 80%. The Duhat prospect has success case mean resources of 23 MMbbls and upside of 59MMbbls (gross field volumes) and is one of three material share price re-rating exploration events planned by Otto in 2013.

Otto’s share of the cost will be funded from current cash reserves and continued revenue. Otto is progressing activities to secure a rig for Duhat-2 with a target spud date around mid-2013. Additional background on SC51 North and Duhat-2 can be found below.

Background
The island of Leyte is situated in the eastern Visayan region of the Philippines, fig.1. The area has been known for more than a century to be the site of numerous fresh natural oil seeps and the Balite tar sands which have been mined in the past for bitumen. The presence of natural seeps and surface indications of large anticlinal features with the potential for petroleum reservoirs are strong positive indicators of the prospectivity of a basin largely untested by modern drilling.

The first and only deep well in the basin, Calubian-1 (2500m), drilled on Leyte, was positioned on surface observations in 1957 and indicated the presence of both oil in side wall cores and Miocene age reservoir sands. The recently acquired seismic has proven that this well was drilled off structure, an invalid test, and being the only deep well in the region confirms that the potential of the entire region has yet to be effectively tested.

New Seismic
During 2012 Otto Energy, on behalf of its Joint Venture partners, acquired 150km of new high quality 2D seismic data over the San Isidro anticline. This anticline has been identified from surface information for sometime but was previously poorly understood and only defined by a sparse (50km) and poor quality seismic. The new data has confirmed a large target, fig.3 which will be tested by the Duhat-2 well during 2013.

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