Rubicon Intrepid FPSO Arrives at Galoc Oil Field

abarrelfullabarrelfull wrote on 14 Aug 2013 08:45

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12 May 2008

Otto Energy Limited (ASX: OEL) is pleased to announce that the Rubicon Intrepid Floating Production, Storage and Offloading System (FPSO) arrived at the Galoc Oil Field, located in the Service Contract (SC) 14C offshore Philippines, on Sunday 11th May 2008.

Galoc Production Company (“GPC”), Operator of the Galoc Field, has advised the hookup schedule is approximately 3 weeks to RFSU. (Ready For Start Up) when production will commence, building to full field rate over the following weeks. Please see attached release from GPC for further details

Otto holds an 18% indirect interest in the field via a 32% shareholding in the operating company GPC, which holds a 58.29% working interest in the Galoc Field.

Alex Parks, CEO of Otto Energy said, “We are very pleased to have accomplished another key milestone towards first production from the Galoc Oil Field.”

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