Otto Energy Farms Down 10% Interest in SC55 to Pryce Gases

Source: www.gulfoilandgas.com 7/31/2015, Location: Asia

Otto Energy subsidiary, Otto Energy Philippines, has signed a farm-in option agreement with Pryce Gases to earn a 10% working interest in SC55, offshore the Philippines. Following this farm-in, Otto will retain a participating interest of 68.18% in SC55.

Pryce Gases Farm-in Option
Pryce Gases, a subsidiary of the Philippine Stock Exchange listed entity, Pryce Corp, has agreed to a farm-in option to SC55 to earn a 10% working interest by participating in the drilling of the Hawkeye-1 exploration well. This farm-in option, along with the US$24.5 million funding committed by BHP Billiton and the Red Emperor Resources farm-in announced in March 2015 for a 15% working interest, ensures that Otto is fully funded for the drilling of Hawkeye-1, which is estimated to cost between US$30-35 million.

Maersk Venturer Mobilises to Hawkeye Drilling Location
Load-out of the Maersk Venturer drilling rig has been completed and the Maersk Venturer has mobilised to the Hawkeye drilling location. Drilling will commence over the coming weekend once the rig has been accurately located over the required drilling location. Otto will report once the well has been spud and then only report upon material events. It is expected that the well will take approximately 2-3 weeks to be drilled to the reservoir interval, at which time Otto would report key information obtained during drilling.

Hawkeye is a large turbidite clastic prospect identified on modern 3D seismic acquired in 2010. The Gross Prospective Resource Best Estimate for Hawkeye is 112 MMbbl (Net Prospective Resource 65 MMbbl to Otto). Success at Hawkeye will unlock a significant new hydrocarbon play in the deepwater Southern Palawan with material follow-up potential in the carbonate leads and prospects (Gross Prospective Resource Estimate ~11 Tcf and ~400 MMbbl of Condensate) also identified on 3D seismic.

Matthew Allen, Otto’s Managing Director and CEO said: 'Otto welcomes Pryce Gases to the SC55 joint venture. Along with our existing joint venture partners, TransAsia Oil and Energy Development Corporation and Red Emperor Resources, the SC55 joint venture looks forward to delivering the highly important Hawkeye-1 exploration well on behalf of the Philippine Department of Energy. The start of drilling at the Hakwye-1 exploration well is a very exciting time for Otto and we look forward to reporting the results of the well in the coming short period of time'.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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