Perth, Nov 10, 2008 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to provide an update regarding the sale of the first cargo of crude oil from the Galoc Oil Field in the Philippines.
The first cargo of approximately 300,000 barrels of Palawan Light Crude Oil was loaded over the weekend onto the tanker 'Ban Gong Hu'. Loading commenced at 11:00am (local time) on Saturday 7 November and was completed the following day. The first cargo off‐take was completed without incident by the offshore crew.
Earlier today, Monday 10 November, the tanker arrived to the Petron oil refinery at Limay on the Bataan Peninsular, near Manila.
Alex Parks, CEO Otto Energy, said, "The Galoc Field has been running very well to‐date.
The FPSO is performing to expectation, with an average production rate of around 15,000 barrels of oil per day being maintained. Rubicon's crew on the FPSO alongside GPC representatives including Otto's Operations Manager, who is currently on the FPSO to oversee the successful completion of the first cargo off take, are working well together and I commend them on their hard work and successful operations without incident. We are extremely pleased with this next milestone achievement for Otto and our first producing asset."
Otto Energy holds a 31.38% shareholding in the field Operator, Galoc Production Company W.L.L. ("GPC"), which has a 58.29% working interest in the Galoc Oil Field. This gives Otto an 18.28% indirect interest in the field.
Contact
Jill Thomas
Investor Relations Manager
Tel: +61 (8) 6467 8800
Mobile: +61 439 440 016
Email: thomas@ottoenergy.com
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