PNOC Exploration Company (PNOC-EC) has expressed an interest in farming into Service Contract 55 in the Palawan Basin in the Philippines for a 15% working interest, Otto Energy Ltd. said in a press release.

The commercial terms of the farm-in have been agreed and will be finalized in a farm-in agreement to be entered into by Otto and PNOC-EC. The farm-in is only subject to approval by the Office of the President of the Philippines.

In addition to PNOC-EC, Otto continues to engage with other potential farm-in partners in the lead up to the drilling of the Hawkeye-1 exploration well, which is anticipated to take place during third-quarter 2015.