Otto Energy has been named as the preferred bidder for frontier Area 7 offshore the Philippines.
The Australian explorer said it had been named in the Fourth Philippine Energy Contracting Round, with Area 7 covering an area of 8,440 sq km in the offshore Mindoro-Cuyo area. Otto has a 100% interest as operator.
Upon execution, Otto says it will commit to reprocessing an existing seismic study with a minimum financial commitment of US $0.5 million within an initial period of 18 months.
Area 7 sits in the southern part of the Mindoro Basin–Cuyo Platform, a continental rift basin featuring water depths ranging from 100-1,300 m (328-4,265 ft).
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