AUSTRALIAN FIRM Otto Energy Ltd. plans to drill an exploration well within Service Contract 55 off Palawan later this year. Otto Energy managing director Paul Moore said in a regulatory filing, however, that the company, as operator of the service contract, wanted to focus more on the interpretation of recently acquired 3D data, which could help identify other drillable targets within SC 55.
In the same disclosure, Otto Energy clarified that Australian firm Frontier Gasfields Pty Ltd does not have any direct or indirect working interest in either SC 55 or SC 69 in Eastern Visayas.
Contrary to a disclosure made by another company, BioProspect Ltd., Moore said that Frontier Gasfields was also ?not party to the BHP Billiton farm-in option to be carried on any exploration drilling. BHP Billiton is not yet required to exercise its farm-in option to enter SC 55.?
To recall, local firm Trans-Asia Oil and Energy Development Corp. signed in June last year farm-in option agreements with Frontier Gasfields for SC 55 and SC 69. But no updates have been made public since the signing. Amy R. Remo
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