First oil achieved at galoc oil field philippines

Published Oct 10, 2008
[an error occurred while processing this directive]

Edit page New page Hide edit links

Otto on-track with Galoc Oil Field Transaction

Otto Energy declares that production has commenced at the Galoc Oil Field, located in SC14C northwest Palawan, offshore Philippines.

Highlights: • Production commenced from Galoc 3 (the first of two wells) at 10.45am local time on 9 October 2008. • The second production well, Galoc 4, will commence production in the next few days as scheduled.

Once both wells have been brought on stream, well testing which will involve periods of flowing and shut in of each well will be undertaken. Then both wells will be brought on stream at a stable rate for long term production.

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.

Mr Alex Parks, CEO of Otto said, “We are very pleased to have first oil from Galoc. I’d like to congratulate GPC and the Philippines DoE and thank them for the concerted effort to have reached this important milestone.”

“This is Otto’s first production asset and transforms the Company from pure explorer to explorer and producer. I would like to thank our shareholders for their patience and continued support particularly during the last few months; we look forward to building to full production rates in the coming weeks and using the cash flow to fund our very promising exploration programs.”

Tags: Otto Energy Limited


Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories







Mobile News
Mobile news

Our news on
your website


Do you have any
tips to us


sitemap xml