Otto Energy confirms start of exploration in Palawan

Australian firm Otto Energy confirmed that the Hawkeye-1 exploration well in Service Contract 55, Offshore Palawan was spud at 1610 hours (AWST) on 31 July 2015. “The 36” conductor was run to 1,906 metres and the 26” hole subsequently drilled to 2,449 metres. Current operations are to cement the 20” casing string,” Otto Energy said in its first update regarding Hawkeye drilling.

“The forward plan is to connect the blow-out preventer to the wellhead and pressure test before commencing to drill the 17 ½” hole to just above the primary target reservoir,” the Australian firm added.

Next update is expected after two weeks.

The Best Estimate for Net Prospective Resource is 65 million barrels of oil. “Hawkeye is planned as a vertical exploration well to test the clastic late Miocene Pagasa formation,” Otto Energy said. The plan is “to target the crest of the Hawkeye structure and evaluate results. The well will be plugged and abandoned upon completion of drilling.”

Otto Energy Investments Ltd holds 33.18% stake in Service Contract 55, Otto Energy Philippines Inc. with 35.00%, Century Red Pte Ltd with 15.00%, Palawan55 Exploration and Production Company with 6.82%, and Pryce Gases Inc with 10.00%.