Oz Otto Hikes Galoc Reserves

摘要

Reserves at the Galoc field in the Philippines have been revised up significantly, with Australian minnow Otto Energy now putting its share of proven reserves at 690,000 boe, up 78% from the 390,000 boe estimated on Jun. 30, 2010, while proven and probable reserves have increased by 52% to 1.38 million boe. "Reported increases in reserves are attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices," the company said Galoc is now expected to continue producing until 2014-18 on the basis of the two existing wells alone.