Offshore Philippines oil drilling & production update from Otto Energy

Source:Otto Energy Limited

Otto Energy Limited (“Otto”) (ASX:OEL), as operator of the producing Galoc oilfield joint venture offshore the Philippines, provides the following update on the Galoc-5H and Galoc-6H drilling campaign in SC14C, part of the Galoc Phase II development approved in 2012.

Progress
During the period from 0600 hours (AWST) on 14 August 2013 to 0600 hours (AWST) on 21 August 2013, drilled the G-6H 8½” hole section to 3,958 metres through the Galoc reservoir interval. The well intersected a 260m section of very high quality reservoir which was at the high end of prognosed outcomes. The well subsequently drilled through poorer sections of formation and the decision was made to TD the well early to ensure successful completion across the high quality reservoir. The 5½" completion liner has now been run over the high quality reservoir section. The well is currently being suspended prior to running the upper completion and well clean-up flow.

Forward Plan
The forward plan is to move the rig to the G-5H well and drill the 8½” hole horizontally for approximately 2,400 metres through the reservoir interval prior to running the completion liner and assembly.

Location and Proposed Depth
The Galoc field is located in Service Contract SC14C (Galoc Sub Block) in 290 metres of water approximately 65km North West of Palawan Island and 350km south of Manila in the Republic of the Philippines. The Galoc-5H and Galoc-6H development wells are being drilled within the existing producing field that has delivered over 10 MMbbls of production since the field was commissioned in 2008.

The Galoc-5H and Galoc-6H development wells will be drilled to a total vertical depth of 2,190 metres with approximately 2,000 metres of horizontal completion. Drilling is expected to take approximately 115 days including the flowing of the wells for clean-up.

After drilling of both Galoc-5H and Galoc-6H is completed, the DOF operated Skandia Hercules construction vessel will be used to install the subsea equipment and complete the hook-up of both wells to the FPSO Rubicon Intrepid.

First oil from the Phase II wells is expected in November 2013.

Offshore Philippines oil drilling & production update from Otto Energy

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