The Philippines Department of Energy has granted an extension of Sub Phase 4 of service contract 55 (SC55) for 12 months, Otto Energy Ltd. said in a news release. Sub Phase 4 will now expire Dec. 23, 2015.
The company continues its farm-out process to secure quality joint venturers to participate in the drilling of the Hawkeye-1 exploration well, the release said. Planning and preparation for drilling of Hawkeye in 2015 has commenced, including steps to acquire critical path long lead items.