| Otto Energy (ASX: OEL) has successfully flowed oil at a rate of 6,300 barrels per day from the Galoc-5H development well in the offshore Palawan Basin, Philippines.
This is inline with the forecast overall field production of 12,000bpd once the Phase II expansion is brought into production in late November 2013. The company will now move to test the Galoc-6H development well. Phase II development of the Galoc oil field is designed to more than double production to 12,000 barrels of oil per day and ensures the field will remain in production beyond 2020. Otto has a 33% operating stake in the Galoc oil field, while fellow Australian Nido Petroleum (ASX: NDO) holds 22.88%. The other partners are Kuwait Foreign Petroleum Exploration Company (26.84%), Oil Gas & Power Corporation 7.79%, The Philodrill Corporation 7.21% and the Forum Energy Philippines Corporation 2.28%. |
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