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Otto Energy announced that approval from the Philippines Department of Energy has been received for an extension to the SC-51 current sub-phase until Jan. 31, 2013. This extension has been approved to allow completion of the acquisition, processing, and interpretation of the present 2-D seismic program.
Acquisition of 102 km of new 2-D seismic data over the San Isidro anticline was completed in early October 2012. Processing of these data is progressing. The next sub-phase commencing Feb. 1, 2013, requires the drilling of a well, planning for which has already commenced.
Under the terms of a pre-existing farmin agreement, Otto will pay 100% of future costs through to drilling of the Duhat-2 exploration well to earn an 80% working interest.
SC51 north block is onshore the island of Leyte in the Philippines.