Perth, Jan 23, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by Galoc Production Company WLL (GPC), Operator of the Galoc Oil Field, that repairs to the mooring and riser system are underway at the Galoc Field as of 22 January 2009.
All of the necessary equipment for repairs has been secured and mobilised to the Field along with a saturation diving team and two support vessels, the AHV Sea Sovereign and the Rubicon Maverick. Repairs are expected to take approximately 7 days to complete, subject to weather, and the Operator anticipates production should recommence around mid February 2009.
In addition to the repairs to the riser system, a Hold Back Mooring System (HBMS) will also be installed on the stern of the Floating Production Storage and Offtake (FPSO) vessel. The HBMS is designed to improve the FPSO's ability to maintain station and reduce the frequency of occurrences that the mooring and riser system is laid down when weather conditions are unfavourable.
The Galoc Oil Field is located in SC14C off the west coast of Palawan in the Philippines. Otto holds a 31.38% shareholding in the Galoc Production Company (GPC) which has a 58.29% working interest in the licence and is Operator.
CEO of Otto Energy, Mr Alex Parks, said, "We're very pleased the repairs to the riser system are underway and production should be back online soon. The addition of the Hold Back and Mooring System should also reduce the chance of having further issues with respect to the mooring and riser system."
Please refer to the attached GPC press release for more information. Otto will continue to liaise with GPC and update the market on the progress as more information becomes available.
Contact
Jill Thomas
Investor Relations Manager
Tel: +61-8-6467-8800
Mobile: +61-439-440-016
Email: thomas@ottoenergy.com
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