Australia’s Otto Energy is hoping to unlock a new deepwater hydrocarbon play offshore Southern Palawan in the Philippines, where it will drill the Hawkeye oil prospect later this year, the company said Monday. Otto has signed a farm-in agreement under which Red Emperor Resources will earn a 15% working interest in the SC55 permit by contributing up to $5.625 million to the drill- ing of the Hawkeye-1 exploration well. Otto has also executed a letter of intent securing the Maersk Venturer ultra-deepwater drillship to drill the well in the third quarter of 2015.
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