Kit Bagaipo
The Bohol Chronicle In the next three months, Australian oil and gas exploration firm Otto Energy Ltd. will be announcing its schedule for the drilling of oil wells in the country, including the Cabilao, Loon and Argao, Cebu prospects.
The Australian oil exploration company owns NorAsian Energy Ltd. which conducted the controversial 2D and 3D seismic surveys off Bohol sea.
Otto Energy is set to drill three wells in three service contracts awarded by the government which will be funded partly by the company's $100-million proceeds from another oil field.
Alex Parks, chief executive officer of Otto Energy, said in an email, that the company would drill one well at the Bohol-Cebu Strait off Cabilao Island in the first half of 2009.
Two other exploration wells will be drilled at Service Contract (SC) 50 covering the Calauit oil field and SC 55 which covers the Marantao prospect in western Palawan.
"We plan to drill one well in each of SC 50, 51 (Bohol-Cebu) and 55 before the middle of 2009. We are actively talking to rig companies and hope to announce drilling dates by July this year," Parks said.
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