Jun 222013

MANILA, Philippines – The consortium operating the Galoc oil field has put off plans to drill a new well in the oil field located in northwest Palawan but said it continues to be on the lookout for other possible wells within the field.

In a disclosure to the Australian Stock Exchange, Otto Energy, one of the companies behind the venture, said the Ocean Patriot drilling rig, which has been contracted for the second phase of the Galoc drilling campaign, is incapable of drilling some of the optimal well locations for a Galoc exploration well.

“Therefore, the joint venture has made the decision to defer exploration drilling from this current campaign and will incorporate the results from the Phase 2 drilling campaign into plans for further exploration drilling,” Otto Energy said in the disclosure.

Nonetheless, Otto chief executive officer Gregor McNab said the consortium would continue to explore locations for another well.

“The outcome of the Galoc exploration studies has been very positive and reinforces our view that this field continues to outperform expectations. We look forward to progressing drilling of a Galoc exploration well at the preferred drilling location as soon as a suitable rig can be secured,” McNab said.

In the meantime, Otto Energy looks forward to safe execution of the Galoc Phase project, drilling of the Duhat-2 well and acquisition of seismic in equipment two Tanzanian blocks over the coming months,” he said.

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