Australia's BHP Billiton has exercised its option to farm into a deepwater block offshore the Philippines. Australia-listed Otto Energy said Wednesday that BHP will take up to 60% of Block SC55 and assume operatorship by reimbursing Otto's past costs and funding one deepwater well by next year, with an option to drill a second well by 2013. Otto will retain a 33.18% interest in the area, offshore southern Palawan. The rest is held by Trans-Asia. BHP has already funded the acquisition and processing of about 1,800 sq km of 3-D seismic data in a deal agreed in January last year (IOD Jan.18'10,p6).
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