Otto Energy starts drilling at SC 55

• Source: http://www.manilatimes.net/otto-energy-starts-drilling-at-sc-55/206161/
• Monday, August 3, 2015 10:41 pm

By RITCHIE A. HORARIO (REPORTER)

Australian-based Otto Energy Ltd. (Otto) has started its drilling activity at Petroleum Service Contract (SC) 55 off the coast of Palawan.

Otto said the water depth at the Hawkeye-1 exploration well location is 1,788 meters. The programmed total depth for the well now underway is 2,887 meters below sea level, which is expected to take about three weeks to reach.

The well may then be deepened depending on the results of the initial drilling. The drilling will proceed in stages, beginning with a 36-inch bore to 1,906 meters followed by a 26-inch hole that will be drilled to 2,449 meters.

The Hawkeye-1 exploration well will be plugged and abandoned upon completion of drilling and logging.

Service Contract 55 (SC55) contains a number of distinct exploration play types that provide material opportunities, including the carbonate gas/condensate trend that has the potential for an oil charge, and turbidite clastic prospects.

The Hawkeye prospect was identified from 2D seismic studies originally acquired by Otto in 2007 and further defined with the 600 km2 3D seismic acquisition in late 2009. Otto has operated upstream oil and gas exploration and production assets in the Philippines for over 10 years.