The subsidiary of Otto Energy Philippines Inc., the Otto Energy Ltd., is announcing its partnership with Red Emperor Resources NL in a gas oil exploration venture in Palawan under Service Contract 55.
“Otto would like to welcome Red Emperor to the SC55 joint venture. Along with our existing partners, TransAsia Oil, Energy Development Corp. and PNOC-EC, the SC55 joint venture looks forward to delivering the highly important Hawkeye-1 exploration well on behalf of the Philippine Department of Energy,” Otto CEO Matthew Allen said.
Otto already sent a letter of intent to Maersk Drilling firm to have the Maersk Venturer drill ship for the exploration well.
The exploration well is design to reach gas oil 1,000 meters below the sea bed floor. And, Maersk Venturer is the newest and currently the most capable drill ship in the world.