Drillship Maersk Venturer to start exploratory drilling offshore Southern Palawan

Otto Energy Investments Ltd. (OEIL) – operator of Service Contract 55, Offshore Palawan – has notified Palawan55 Exploration & Production Corporation that Otto Energy has notified Maersk Drilling to start the mobilization for an exploration in Southern Palawan.

“The drillship Maersk Venturer which is currently in Labuan, Malaysia, is expected to arrive at the well location by 31 July 2015, with actual drilling to commence 1 to 2 days thereafter,” Trans-Asia Petroleum Corporation (TAPET) said in a disclosure to Securities and Exchange Commission today, July 2.

“Please be informed that the SC 55 Operator, Otto Energy Investments, Ltd. (“OEIL”) notified Palawan55 Exploration & Production Corporation (“Palawan55”) a subsidiary of Trans-Asia Petroleum Corporation, that OEIL has issued a formal notice to Maersk Drilling to commence mobilization for the drilling of the Hawkeye – 1 exploratory well,” TAPET said.

“Service Contract 55 (SC55) is a deep-water block located in the southwest Palawan Basin, covering an area of 9,880km2,” Otto Energy said. “SC55 is not located in disputed territory.”

Otto Energy has 78.18% stake in Service Contract 55, Red Emperor with 15% and Palawan55 has 6.82%.

Otto Energy says Hawkeye contains a ‘Best Estimate’ stock tank oil-initially-in-place (STOIIP) of ~ 480 million barrels of oil and a ‘Best Estimate’ Net Prospective Resource of 89 million barrels of oil.

“Success at Hawkeye will unlock a significant new hydrocarbon play in the deep water Southern Palawan region,” Otto Energy says.