Perth, Oct 20, 2008 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased provide an update from the Operator, Galoc Production Company W.L.L. ("GPC"), on production from the Galoc Oil Field, located in SC14C northwest Palawan, offshore Philippines. Otto holds a 31.38% shareholding in GPC, which holds a 58.29% working interest in the Galoc oil field, giving Otto an 18.28% indirect interest in the field.
Production commenced from the first of two wells at 10.45am local time on 9 October 2008. Since then, the field has now been in production for 11 days during which time well tests have been undertaken and production commenced from both wells.
Whilst the well test data is still being analysed, overall performance is consistent with expectations and a steady state production of 18,000 ‐ 20,000bbls a day is anticipated within the next few days. The first cargo of crude oil from Galoc Field is scheduled during the first week of November 2008.
Mr Alex Parks, CEO of Otto Energy said, "We are extremely pleased with the initial production results achieved at Galoc over the last two weeks. GPC as the field operator has done a fantastic job, and we have also been very pleased with the reliability of the service facilities."
Contact
Jill Thomas
Investor Relations Manager
Tel: +61 (8) 6467 8800
Mobile: +61 439 440 016
Email: thomas@ottoenergy.com
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