Otto Energy Ltd provide an update on remaining oil reserves balances at the Galoc oil field in the Philippines as at 1 January 2012.
The Operator, Galoc Production Company WLL, a 100% subsidiary of Otto Energy Ltd, commissions an annual review of remaining oil reserves by independent consulting firm, RISC.
RISC has reviewed the Galoc oil field reserves in accordance with the SPE,WPC, AAPG and SPEE Petroleum Resource Management System definitions, guidelines and auditing standards.
Reported increases in reserves are attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices. The Galoc oil field is expected to remain in production until approximately 2016 to 2018 on the basis of the existing two wells alone.