AUSTRALIA-BASED oil and gas company Otto Energy Ltd., through its local subsidiary, has started drilling an exploratory well within service contract (SC) 51 located mainly in waters northwest of Leyte, according to separate disclosures yesterday. RELATED STORIES Spending soars for Galoc operator Otto Energy to spend at least $500,000 on seismic study in waters off Mindoro Firm boosts stake in Leyte oil field Drilling of two wells to proceed in Galoc Otto Energy reports increase in Galoc reserve estimates Otto and other stakeholders of SC 51 -- Trans-Asia Oil and Energy Development Corp., PetroEnergy Resources, Corp. and Cosco Capital, Inc. -- said Otto Energy Investments Ltd. commenced drilling of the Duhat-2 well in the Leyte town of San Isidro that is covered by SC 51. The companies said the drilling started at 4 p.m. last July 24.
Posted on: Tue, 13 Aug 2013 05:04:45 +0000
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