Otto is one of the largest acreage holders in the Philippines with a gross area of 20,803 square kilometers (5.14 million acres) held across four Service Contract (SC) areas. In addition Otto holds an 18.3% indirect interest in the Galoc Field in Block SC14c.
Highlights:
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Two years of detailed technical review and evaluation has identified considerable potential in Otto’s Philippines acreage portfolio that warrants commitment to the drilling of multiple explorations wells.
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In SC55 numerous potentially “billion barrel” in place structures have been identified in the heart of an established petroleum system.
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The Argao structure in SC51 consists of eight stacked target zones that each could contain 40 - 300MMbbls in place.
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Otto has invited bonafide parties to evaluate the work done with a view to acquiring equity in the projects via partial purchase or via exploration carry commitments.
Otto became operator of SC50, SC51 and SC55 following acquisition of NorAsian Energy in 2005/06. The Company has very high equity of between 80 and 85 per cent in each of these three Service Contract areas.
Click this link to view Otto's “Farm Out Flyer”, which is being provided to companies expressing interest in these farm out opportunities, and contains updated estimates for volumetric ranges for leads and prospects, specifically in SC51 and SC55.
A confidentiality agreement is required to gain access to a digital data room. An introductory technical presentation on each permit by Otto’s staff may also be possible. For further information or to obtain a copy of the confidentiality agreement, please contact Dr Stefan Kleffmann, Geoscience Manager for Otto Energy (kleffmann@ottoenergy.com).
Otto asks that indicative bids are submitted by 5 September 2008.
