Aussie firm steps up Visayas oil hunt

Australian firm Otto Energy Ltd. yesterday said that it has started 3D seismic survey at its oil and gas blocks in the Visayan Basin.

Otto said the survey fulfills service contract commitments in the current sub-phase.

“The ongoing exploration program in the Visayan region of the Philippines is a core part of Otto’s exploration program with the 3D seismic currently being acquired ahead of the drilling obligation, in the next sub-phase,” said Paul Moore, Otto’s managing director.

SC69 covers an area of 5,280 square kilometers in the Central Visayan basin, where the data acquired from a 2D seismic campaign last year confirmed the presence of two sizeable reef structures, Lampos and Lampos South, which sit immediately adjacent to the Calamangan Trough.

The two structures have a potential of between 22 million and 713 million barrels with a mean in place volume of 290 million barrels.

Read more at Malaya


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