OEL 0.00% 0.9¢ otto energy limited

re: Ann: Philippines Service Contract Revisio... FYI...ASX...

  1. 2,629 Posts.
    re: Ann: Philippines Service Contract Revisio... FYI...

    17 August 2009

    Philippines Service Contracts 50, 51 and 55 - Revisions Granted

    Otto Energy Limited (ASX: OEL) through its wholly-owned subsidiary NorAsian Energy Limited, is pleased to advise that the Philippine Department of Energy (DoE) approved the request of Service Contract (SC) 55 joint venture partners to revise the Work Programme and Budget for the current exploration sub-phase.

  2. The joint venture now has until August 2010 to complete a combined 2D/3D seismic program and has until August 2011 to drill one deep-water well.

  3. In addition, the DoE also approved work programme revisions to Service Contracts 50 and 51. Two wells will have to be drilled in SC 50 by March 2011; and one exploration well in SC 51 is now scheduled prior to December 2010.

  4. SC55 is a deep-water block covering an area of 9,000km2 in the southwest of the Palawan Basin. SC50 contains the Calauit and Calauit South Oil Fields in the northeast of the Palawan Basin. SC 51 is situated in the East Visayan Basin in the central Philippines. Otto's other offshore permit SC69 did not require a revision. Refer to attached map for locations.

    Yours faithfully,

    Paul Moore
    Chief Executive Officer

  5. SC55 Block Participants

    NorAsian Energy Ltd 85% and Operator
    Trans Asia Oil and
    Energy Development Corp

  6. SC51 Block Participants

    NorAsian Energy Ltd 80% and Operator

    Alcorn Gold Resources Corp9.32%

    Trans Asia Oil and Energy Development Corp6.67%

    PetroEnergy Resources Corp4.01%

  7. SC50 Block Participants

    NorAsian Energy Ltd 85% and Operator
    (Beneficial Interest 99%)

    RGA Resources Inc
    15% (carried interest)
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