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.
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