In a statement yesterday, Otto said it now had until March 2009 to drill a well in the SC 50 and SC 51 permits, and until August 2009 to drill a well in the deepwater permit SC 55.
Otto chief executive Alex Parks said the 2D and 3D seismic programs under way in the permit areas would significantly increase the company’s understanding of their exploration potential.
“This approved work program is both reasonable and achievable,” he said.
“It allows Otto the time to attract farm-in partners in each service contract on good terms towards the end of this year, once we have interpreted the data from the current Trinity Seismic program.”
Parks said the new dates coincided with the scheduled delivery of a multi-purpose semi submersible (MPSS) in the third quarter of 2008.
Otto will lease the MPSS, which is under construction in China, for the first three years of its life for use in the Philippines for exploration drilling and extended production testing of the Calauit field and any subsequent discoveries.
