Scandoil  

Pryce Gases 10% farm-in to SC55 Hawkeye rig mobilised


Published Jul 31, 2015
Otto - SC55

Otto Energy Ltd subsidiary, Otto Energy Philippines Inc. (Otto Philippines), has signed a farm-in option agreement with Pryce Gases Inc (Pryce Gases) to earn a 10% working interest in SC55, offshore the Philippines. Following this farm-in, Otto will retain a participating interest of 68.18% in SC55.

Pryce Gases Farm-in Option Pryce Gases, a subsidiary of the Philippine Stock Exchange listed entity, Pryce Corporation (PSE: PPC), has agreed to a farm-in option to SC55 to earn a 10% working interest by participating in the drilling of the Hawkeye-1 exploration well. Key terms of the farm-in option agreement are outlined in Appendix 1.

This farm-in option, along with the US$24.5 million funding committed by BHP Billiton and the Red Emperor Resources NL farm-in announced in March 2015 for a 15% working interest, ensures that Otto is fully funded for the drilling of Hawkeye-1, which is estimated to cost between US$30-35 million.

Tags: Otto Energy Limited




Advertisment:

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

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml