Preliminary estimates for Marantao Prospect

25 September 2007 | 06:32 Code : 15394 Geoscience events
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Oil and gas exploration company Otto Energy Ltd has announced interim....

  Oil and gas exploration company Otto Energy Ltd has announced interim seismic interpretation results on Service Contract, block SC-55 offshore Philippines, which indicate the potential for a significant oil and gas discovery.Preliminary interpretation of the 2006 2D seismic data acquired by Otto over Marantao, and the reprocessing of other available data in the rest of the block, has significantly enhanced the company’s understanding of the petroleum system and allowed detailed calculation regarding the range of potential resources in Marantao.Otto’s volumetric assessment of potentially recoverable hydrocarbons from Marantao, which is located off the west coast of the Island of Palawan in the Philippines, are as follows: · Case 1 (assuming only oil) - Low case: 320MMbbls, Base case: 1,058 MMbbls, High case: 2,682 MMbbls, Mean case 1,323 MMbbls; · Case 2 (assuming only gas) - Low case: 721 bcf, Base case: 2,339 bcf, High case: 5,605 bcf, Mean case: 2,828bcf; · Case 3 (assuming large gas cap over a 50m oil column as in Malampaya) - Low case: 468bcf + 144MMbbls, Base case: 1,508bcf + 469 MMbbls, High case: 3,602 bcf + 1,118 MMbbls, Mean case: 1,812bcf + 567 MMbbls. The company has said that these estimates are theoretical estimates only, based on geological and geophysical mapping, and are not discovered hydrocarbons. These figures are only an indication of the potential size of the structure and volumes that may be contained therein based on interpretation of the seismic data.This form of volumetric assessment is classified as “Prospective Resources” by the Society of Petroleum Engineers and World Petroleum Congress reserve definitions. Volumetric estimates of Prospective resources or “potentially recoverable hydrocarbons” were calculated for three case scenarios; oil only, gas only and a combination of oil and gas fill.Alex Parks, CEO of Otto Energy, said, “Marantao is the jewel in our exploration portfolio in the Philippines and we are pleased with the prospectivity of this licence from the initial 2D seismic data. Once we have completed the interpretation on the rest of the block, farm in discussions will be initiated and hopefully successfully concluded in early 2008.”

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