Found this while doing some reading and thought newbies or...

Found this while doing some reading and thought newbies or others might like to be aware.

NIDO release 14th October 2009.

Galoc Update
On 14 October 2009, Otto Energy Ltd reported its updated Reserves and Contingent
Resources estimates for the Galoc Oil Field. These reported figures are based upon Otto's
own internal estimates and it has not been reported that there has been any independent
review of these estimates. Nido notes that it has neither reviewed nor supports the reserve
estimates concerned at this time.
As stated by Nido on 5 October 2009, Nido is undertaking its own review of the developed
and undeveloped reserves for the Galoc Oil Field and will have these estimates
independently reviewed. This study will provide confidence on production expectations from
the currently producing wells and will provide a technically sound basis for determining the
drilling targets and assessing the value of a potential Galoc Phase 2 development. This
study has been initiated by Nido and is expected to CONCLUDE IN JANUARY . Nido will
update the market accordingly at that time.
Yours sincerely
Jocot de Dois