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BHP Group Limited — Capital/Financing Update 2012
May 24, 2012
14787_rns_2012-05-24_f418337b-949d-421d-8130-4ecea2f2abac.pdf
Capital/Financing Update
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25 May 2012
Manager of Company Announcements ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000
By E-Lodgement
PHILIPPINES’ DEPARTMENT OF ENERGY APPROVES EXTENSION OF SERVICE CONTRACT 55 SUB-PHASE 4
Highlights:
- Exploration Sub-Phase 4 extended by 12 months to 5 August 2013
Otto Energy Limited (ASX: OEL) advises that the Philippines Department of Energy (DOE) has approved an extension to the current Exploration Sub-Phase 4 of SC55 by 12 months.
The revised permit timing is as follows:
| Sub-Phase | Period | Work Program Commitment |
|---|---|---|
| Sub-Phase 4 | 5 August 2011 to | Drill 1 well |
| 5 August 2013 | ||
| Sub-Phase 5 | 5 August 2013 to | Drill 1 well |
| 5 August 2014 |
BHP Billiton, Otto’s joint venture partner in and Operator of SC55, requested the extension in order to secure an appropriate ultra deepwater rig with specialised well control equipment that will promote safe drilling operations on the proposed Cinco prospect within SC55. Availability of such rigs is currently limited and has been considered in the duration of the extension.
OTTO AT A GLANCE
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ASX-listed oil and gas company with significant growth potential.
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Production from Galoc Oil Field provides cash flow.
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High impact offshore exploration program in SC55.
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Opportunity rich with substantial exploration prospects and leads in Palawan and Visayan basins.
COMPANY OFFICERS
Rick Crabb Chairman Ian Macliver Director Rufino Bomasang Director John Jetter Director Ian Boserio Director Gregor McNab CEO Matthew Allen CFO/Coy Secretary
No specific date for commencement of drilling operations in SC55 can be given until a rig has been secured, however Otto maintains its longstanding view that SC55 holds significant hydrocarbon potential and the company looks forward to seeing the drilling programme executed as soon as is safely possible. Otto will continue to update shareholders of further developments relating to SC55.
The working interests in Service Contract 55 are:
| The working interests in Service Contract 55 are: | |
|---|---|
| Otto Energy (through wholly owned subsidiary NorAsian Energy Ltd) | 33.18% |
| BHP Billiton Petroleum (Philippines) Corporation | 60.00% |
| Trans-Asia Oil and Energy Development Corporation | 6.82% |
32 Delhi Street (PO Box 1414), West Perth 6005 Tel: +61 (0) 8 6467 8800 Fax: +61 (0) 8 6467 8801 Email: [email protected] Web: www.ottoenergy.com
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Yours faithfully
Gregor McNab
Chief Executive Officer
Contact: Media: Matthew Allen Dudley White / Stephanie Sim Chief Financial Officer MAGNUS Investor Relations + Corporate Communication +61 8 6467 8800 +61 2 8999 1010 [email protected] [email protected] ssim@magnus,net.au
32 Delhi Street (PO Box 1414), West Perth 6005 Tel: +61 (0) 8 6467 8800 Fax: +61 (0) 8 6467 8801 Email: [email protected] Web: www.ottoenergy.com