Otto Energy flows oil from Philippines offshore development well - Proactiveinvestors (AU)

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Otto Energy www.ottoenergy.com

Otto Energy (ASX: OEL) is a Western Australian based oil and gas company with a focus on both onshore and offshore in the Philippines.

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Otto Energy flows oil from Philippines offshore development well

Wednesday, October 16, 2013 by Proactive Investors

Otto Energy flows oil from Philippines offshore development well

Otto Energy flows oil from Philippines offshore development well

Otto Energy (ASX: OEL) has successfully flowed oil at a rate of 6,300 barrels per day from the Galoc-5H development well in the offshore Palawan Basin, Philippines.

This is inline with the forecast overall field production of 12,000bpd once the Phase II expansion is brought into production in late November 2013.

The company will now move to test the Galoc-6H development well.

Phase II development of the Galoc oil field is designed to more than double production to 12,000 barrels of oil per day and ensures the field will remain in production beyond 2020.

Otto has a 33% operating stake in the Galoc oil field, while fellow Australian Nido Petroleum (ASX: NDO) holds 22.88%. The other partners are Kuwait Foreign Petroleum Exploration Company (26.84%), Oil Gas & Power Corporation 7.79%, The Philodrill Corporation 7.21% and the Forum Energy Philippines Corporation 2.28%.

 

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  1. Froi Vincenton
    Posted on 17/10/13 #

    Good news and bad news! Good news: Otto Energy (ASX: OEL) has successfully flowed oil at a rate of 6,300 barrels per day from the Galoc-5H development well in the offshore Palawan Basin, Philippines. Bad news: 1. The company is at risk of government control and regulation. It might not happen this year or in the next few years; it might happen in the future. 2. It is at risk of oligarchic control. There are a number of provisions in the Charter and jurisprudential loopholes that the Oligarchs and Cronies can use to bully this Australian company. 3. It is at risk of environmental fascism. Watch out for the eco-fascists and enviro-terrorists who might be funded by the oligarchs and cronies. 4. It is at risk of possible changes in the rules of the game. The company might face more regulations and punished with "creative" taxes. 5. Possible nationalization.
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