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Otto lauds Galoc field success offshore Philippines and expects further drills

21st August 2014

Otto Energy has released a report praising the successes at the Galoc joint-venture project offshore Phillipines, where two million barrels of oil have been produced in the last eight months

Otto lauds Galoc field success offshore Philippines and expects further drills
Since the start-up of Phase II in December 2013, production has exceeded over 2 MMbbl, with seven cargos delivered into South East Asian refineries

"Galoc is a key asset for Otto and has continued to deliver excellent production performance and uptime during 2014,” said Matthew Allen, Otto CEO. “The potential to significantly add to the current Central Field Area 2P reserves from the Galoc Mid and North Areas, as well as additional incremental volumes from further Central Field Area infill drilling, is very exciting and we look forward to completing the current round of studies and moving into further development activities at this high-value producing field.”

Since the start-up of Phase II in December 2013, production has exceeded over 2 MMbbl, with seven cargos delivered into South East Asian refineries. Production has been in-line with or exceeded the production profile based on the 2P reserves expectations outlined in March 2014.

Otto expects a further three cargos will be delivered in 2H 2014. A total of 10 cargos will be delivered for the full year.

In early 2014, Otto commenced a series of activities to incorporate Phase II drilling results into a detailed analysis of the field, which has resulted in a clearer understanding of the structure and reservoir distribution between the Galoc Central Field Area (where current production wells are located) and the Galoc Mid and Galoc North Areas. Further studies will be completed by Q4 2014.

Before the end of 2014 or in early 2015, a recommendation is anticipated regarding further activities to unlock the upside potential of the Galoc Mid Field Area and/or to undertake additional drilling and infill activities to complement existing production at the Central Field Area.

The Galoc field is located in Service Contract SC14-C (Galoc Sub Block) in 290m of water approximately 65km North West of Palawan Island and 350km south of Manila in the Republic of the Philippines.

Production commenced in 2008 with the Galoc-3H and 4H wells and a Phase II development was completed in December 2013 adding the Galoc-5H and 6H wells to the field.

Production is processed through the Floating Production Storage and Offload Facility the Rubicon Intrepid.

The Galoc crude oil is a light 35o API, low sulphur crude and is priced against the Dubai benchmark plus apremium and is delivered to refineries throughout South East Asia.

A total of over 13 MMbbl has been recovered from the field to date.

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