SYDNEY, Australia – Otto Energy Ltd. (ASX: OEL) is the preferred bidder for Area 7 under the Fourth Philippine Energy Contracting Round. The award is subject to completion of a formal service contract between Otto and the Philippines Department of Energy.
Once the service contract is complete, Otto says it will reprocess existing seismic data over the area within 18 months.
Area 7 is offshore in the southern part of the Mindoro basin/Cuyo platform, a continental rift basin offshore the Philippines. It covers around 8,440 sq km (3,259 sq mi) with water depths ranging from 100 m to 1,300 m (328 ft to 4,264 ft). There is an existing 2D seismic data set of more than 3,000 km (1,864 mi) covering the block.
The petroleum play types identified in Area 7 are reef build-ups, fault blocks, and anticlines, says Otto. The reservoir intervals are Early Miocene to Pliocene carbonates and Early to Late Miocene carbonates and clastics. Source rocks are coaly and organic-rich claystones of Eocene to Middle Miocene. Middle Miocene carbonates and clastics provide the seal for the system.