Otto’s current working interests in the Filipino Service Contracts, are held through its 100% owned subsidiary, NorAsian Energy Limited, (“NorAsian”).
SC14C Galoc Oil Field (indirect 18.28%) Otto has an indirect 18.28% interest in the Galoc oil field via a 31.38% shareholding in the operator, Galoc Production Company W.L.L. (“GPC”), which holds a 58.29% working interest in the field. A subsidiary of the Vitol Group owns the remaining stake (68.62 %).
Galoc is in the final stages of development with first oil expected Q3 2008. Gross 2P Reserves are 23 MMbbls. Otto expects to receive gross proceeds of over $100 million in the 2008/2009 period.
SC50 Calauit Oil Field (OTTO 85%) Currently under appraisal with potential for development with Early Production Testing (EPT) in 2009. Gross 2P Reserves of 5.9 MMbbls.
SC51 (OTTO 80%) An exciting exploration block in ~300m of water with two ready to drill prospects that are de-risked by DHI’s and new 3D seismic. Further leads to follow up. Drilling in early 2009.
SC55 (OTTO 85%) A deep water block with massive reef and turbidite reservoir potential with DHI’s. Marantao has prospective resources of 3.3 tcf gas or >1 billion bbls oil with further leads to follow up.
SC69 (OTTO 70%) A new block recently awarded to Otto in May 2008. Has over 20 identified structures with potential for both oil and gas. Located adjacent to SC51 with excellent follow up potential should Otto have exploration success in SC51.
*There is a 1% GORRI held by RGA over SC50, 51 & 55. In return Otto holds an additional 14% beneficial interest in SC50 through RGA.
