'Ocean Patriot' commences mobilising to Galoc Oil Field

abarrelfullabarrelfull wrote on 14 Aug 2013 11:56
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23 May 2013

Otto Energy Limited (“Otto”) (ASX:OEL), as operator of the producing Galoc oilfield joint venture offshore the Philippines, provides the following update on the Galoc-5H and Galoc-6H drilling campaign in SC14C, part of the Galoc Phase II development approved in 2012.

Progress

Otto advises that the drilling rig "Ocean Patriot" has commenced mobilisation from Singapore and is currently under tow with the tug Pacific Battler. The rig has completed its five year survey works and also the load out of drilling equipment required for the campaign. It is being accompanied by support vessels during the sail to the Galoc oil field. The Ocean Patriot is expected to take approximately 10 days to arrive in the field.

After the rig is anchored, it will proceed to spud the Galoc-5H and Galoc-6H wells.

Forward Plan

The forward plan is to complete mobilisation of the Ocean Patriot and undertake mooring and anchoring activitiesin the field. Further updates will be provided once the Galoc-5Hand Galoc-6Hwells have been spud.

Location and Proposed Depth
The Galoc field is located in Service Contract SC14C (Galoc Sub Block) in 290m of water approximately 65km North West of Palawan Island and 350km south of Manila in the Republic of the Philippines. The Galoc-5H and Galoc-6H development wells are being drilled within the existing producing field that has delivered over 10 MMbbls of production since the field was commissioned in 2008.

The wells are being batch drilled in 311 metres of water. It is planned that the Galoc-5Hand Galoc-6H development wells will be drilled to a total vertical depth of 2,190 with approximately 2,000 of horizontal completion. Drilling is expected to take approximately 115 days including the flowing of the wells for clean-up.

After drilling of both Galoc-5Hand Galoc-6His completed, the DOF operated Skandia Hercules construction vessel will be used to install the subsea equipment and complete the hook-up of both wells to the FPSO Rubicon Intrepid.

First oil from the Phase II wells is expected during Q4 2013.


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