OEL 0.00% 0.9¢ otto energy limited

philippines service contract revisions granted, page-3

  1. 2,629 Posts.
    Hi topwon,


    FYI... SC69 Block Participants

  2. OTTO 70%
  3. Trans Asia Oil and Energy Development Corporation 30%

    SC69 block, awarded to Otto in May 2008, has more than 20 identified structures with potential for both oil and gas.

    Located adjacent to SC51, SC69 has excellent follow up potential should Otto have exploration success in SC51.

  4. Farm-in Opportunities SC 51 and SC 69,
    Visayan Basin, Philippines


    SC 69 – numerous untested reef plays
    and other exploration targets that await
    further seismic exploration activity prior
    to drilling.

    The permit is strategically positioned Farm-in Opportunities SC 51 and SC 69, Visayan Basin, Philippines between the northern and southern parts of SC 51 in the Visayan Basin and will benefit through exploration successat Argao.




  5. SC69



  6. From Otto Energy 2008 Annual Report

    In Otto’s 2007 Annual Report this block was referred to
    as Area 8, which was under application. On 8 May 2008,
    the Philippines Department of Energy awarded NorAsian
    and co-venturer, TransAsia Oil & Energy Development
    Corporation, a seven-year exploration Service Contract
    for Area 8 (now referred to as SC69). The offshore block
    is large, covering over 7,000km2 between the islands of
    Cebu, Leyte and Bohol.

    As for most of the Visayan Basin, the block is relatively
    ‘frontier’ acreage. However, regional data coverage of
    approximately 4,500km of 2D seismic data is available.
    Of these, 3,500km available as digital data will be
    reprocessed.

    Currently all data is being collated with data from Otto’s
    adjacent SC51 block, also used to assess the prospectivity
    of the new block prior to acquiring new seismic. Otto’s
    interpretation of technical work by previous explorers led
    to over 20 leads being identified. The area has potential for both oil and gas.

    The Company intends to add more value to the block
    through technical work and possibly further seismic before
    moving to the drilling phase. Future work will continue in
    conjunction with exploration activities planned in SC51
    and Otto will look to accelerate exploration based on the
    block’s geological potential.

    Cebu Island, the second most populated in the Philippines, lies to the west of the permit and in the event of even a modest gas discovery, it could be readily commercialised.
 
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