Project Profile
Location: Southern part of the Mindoro basin/Cuyo platform, offshore Philippines
Area: 8,440 sq km
Water depth: 100 - 1,300 m
Relinquishment date: 13th July 2015
Area 7 is offshore in the southern part of the Mindoro basin/Cuyo platform, a continental rift basin offshore the Philippines. It covers around 8,440 sq km with water depths ranging from 100 m to 1,300 m. There is an existing 2D seismic data set of more than 3,000 km covering the block.
The petroleum play types identified in Area 7 are reef build-ups, fault blocks, and anticlines. The reservoir intervals are Early Miocene to Pliocene carbonates and Early to Late Miocene carbonates and clastics. Source rocks are coaly and organic-rich claystones of Eocene to Middle Miocene. Middle Miocene carbonates and clastics provide the seal for the system. Otto Energy is the preferred bidder for Area 7 under the Fourth Philippine Energy Contracting Round. The award is subject to completion of a formal service contract between Otto and the Philippines Department of Energy. Once the service contract is complete, Otto will reprocess existing seismic data over the area within 18 months.
Operators:
Otto Energy Ltd.: Operator with 100% interest