Project Profile
Value: Undisclosed
Location: Offshore Visayas, Philippines
Area: 5,280 km2
Mean unrisked reserves: 290 Mbbls.
Start-up Year: -
Otto (through its wholly-owned subsidiary NorAsian Energy Phils Inc) has 79% Interest and is the Operator of the field. Work commitment in current sub-phase contains a minimum 3D seismic requirement of 50 km2 or 1 exploration well by August 2012. Following promising interpretation of the 760 km of 2D seismic acquired over this area in 2010, Otto has completed acquisition of over 210 km2 of 3D seismic over the Lampos and Lampos South prospects during June 2011. Otto continues to process the newly acquired 3D seismic data and expects the final resulting data to be ready for interpretation shortly.
The data acquired from the successful 2D seismic campaign last year confirmed the presence of two sizeable reef structures, Lampos and Lampos South that sit immediately adjacent to the Calamangan Trough which is modelled to generate both oil and gas. Some direct hydrocarbon indicators were evident on the 2D seismic data. Current “success case” estimates of oil initially in place in the combined structures range between 22 Mbbls and 713 Mbbls with a mean unrisked in place volume of 290 Mbbls.
Operators:
Otto Energy: Operator with 79% interest
Trans Asia Oil And Energy Development Corporation: 21% interest