OEL 0.00% 0.9¢ otto energy limited

asx ann - galoc oil field – operations update

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    FYI...

    ASX ANNOUNCEMENT
    10 August 2009

    Galoc Oil Field – Operations Update

    Otto Energy Limited (ASX: OEL) has received an update from the field Operator, Galoc Production Company WLL (GPC), on the status of the re‐instatement of the Mooring and Riser System (M&RS) in advance of resuming production at the
    Galoc Oil Field.

    Re‐instatement of the M&RS is continuing following the weather related disconnection undertaken in late June 2009.

  2. Conditions in the Field have improved and, with an acceptable forecast for the coming days, preparations to resume activities in the Field are underway.

    Once repairs are completed, the riser element of the M&RS will be reconnected to the FPSO and the full system function tested prior to resuming production operations.

  3. The remaining tasks are expected to take 1‐2 weeks, subject to any further weather interruptions.

    Please refer to the attached GPC press release for more information.

    Otto owns 31.38% of GPC, which holds 59.84% working interest in the licence giving Otto 18.77% indirect interest in the Galoc project. The Galoc Oil Field is
    located in Service Contract 14C off the west coast of Palawan in the Philippines.

    Yours faithfully,
    Paul Moore
    Chief Executive Officer




    07 August 2009
    Galoc Field - Interruption to Production

    Re-instatement of the Mooring and Riser System (M&RS) following the weather related disconnection undertaken in late June is continuing.

    The M&RS was re-orientated and connected to the FPSO in mid July however progress was interrupted due to weather conditions which precluded the necessary subsea operations at that time. Whilst waiting for suitable conditions,
    the FPSO was disconnected and the M&RS laid down on the seabed all of which was undertaken in accordance with standard operating procedures. Conditions in the Field have improved and, with an acceptable forecast for the coming days, preparations to resume activities in the Field are underway. The first operation is for the FPSO to reconnect to the M&RS prior to change out the deformed riser section by the construction vessel Rubicon Maverick. Once repairs are completed, the riser element of the M&RS will be reconnected to the FPSO and the full system function tested prior to resuming production operations. The remaining
    tasks are expected to take 1-2 weeks, subject to any further weather interruptions.

    The M&RS and thrusters are key components of the overall FPSO system, which is provided by Rubicon Offshore International under the provisions of an operated
    lease / service contract. During field shut-ins resulting from problems with the FPSO, neither the FPSO lease rate nor repair costs are payable under the contract.

    Production from the field to date is in excess of 2.2 million barrels. The Galoc Joint Venture will continue to monitor field performance and address any further
    development opportunities.
 
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