Seismic acquisition in Palawan Basin

Otto Energy Ltd has announced that it will begin a 3D seismic data acquisition programme in service contract (SC) 55. The company plans to acquire 590 km² of 3D data in the southwest part of SC55. The programme is designed to mature the Hawkeye structure and several other key leads in the licence area. The seismic vessel is scheduled to arrive in the survey area on 14 December 2009.
 
SC55, which covers 9000 km² in the southwest Palawan Basin, Philippines, is situated on a regional oil and gas fairway that extends from the productive Borneo offshore region in the southwest to the offshore Philippines production assets northwest of Palawan. The area is estimated to contain 1.2 billion bbls of oil or 4 trillion ft³ of gas. Various groups collected seismic data in this area between 1970 - 1990, however no wells have been drilled.
 
Otto Energy, which is headquartered in West Perth, Australia, has an 85% working interest in SC55 and is the operator. Trans-Asia Oil and Energy Development Corp. of the Phinma group own the remaining stake.