Otto Energy starts 3D seismic program for Visayan oil prospect

Otto Energy Ltd., one of the biggest Australia-based oil and gas exploration company, started the seismic data acquisition program for its offshore prospect in the Visayan basin. The prospect is covered by Service Contract (SC) 69. The seismic research vessel BGP Explorer, operated by Exploiter Pte. Ltd. was contracted by Otto to record the seismic data, Otto managing director Paul Moore said in a report released Wednesday. Otto plans to acquire 210 square kilometers of 3D seismic data in SC69 – which covers 5,280 square kilometers in the central Visayan Basin. Data from the 2d seismic data acquisition last year confirmed the presence of two sizeable reef structures, Lampos and Lampos South. "Current success case estimates of oil initially in place in the combined structures range between 22 million barrels (mbbls) and 713 mmbbls with a mean in place volume of 290 mmbbls," according to Otto. "The ongoing exploration program in the Visayan region of the Philippines is a core part of Otto's exploration program with the 3D seismic currently being acquired ahead of the drilling obligation in the next sub-phase," Moore said. NorAsian Energy Philippines Inc, Otto’s Philippine subsidiary, owns a majority stake in SC 69, with Trans-Asia Oil and Energy Development Corp. holding 30 percent. In a separate report to the Philippine Stock Exchange, Trans-Asia said it expects the 3D survey to be completed within the next 18 days. — VS, GMA News