Otto Energy (ASX: OEL) and BHP Billiton Petroleum (ASX: BHP) have received formal clearance from the Palawan Council for Sustainable Development to drill the Cinco-1 exploration well in Service Contract 55 offshore Philippines.
With the award of the Strategic Environmental Plan Clearance, BHP has engaged with the Philippine Department of Energy regarding the revised timing of the work program commitments.
Analysis of more than 2,400 square kilometres of 3D seismic acquired in 2010 has identified a diverse and extensive portfolio of exploration prospects and leads that will present a high impact exploration drilling program over the remaining term of the exploration licence.
SC55 contains both carbonate and sandstone reservoir targets in a variety of settings. The Cinco and Hawkeye prospects provide an indication of this diversity of play type and represent drill mature prospects in the present portfolio.
Otto has a 33.18% interest in Service Contract 55.
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