Otto eyes April production date
28th March 2008, 13:30 WST
Oil and gas company Otto Energy expects to commence oil production from its Philippines oil fields from late April, the company has announced, with predictions of initial receipts of about $13 million.
The company expects monthly revenue from its 18 per-cent owned Galoc field to reduce to about $5.4 million per month once past costs were recovered.
Otto holds a 31 per cent stake in the Galoc Production Company, with Swiss-based Vitol Group holding the remaining 69 per cent.
Otto chief executive Alex Parks said the company planned to use funds raised from production to invest in further exploration, focussing on the Philippines with a six to 10 well exploration campaign over the year.
Shares in the company were down to 31 cents at 12.55pm.
otto eyes april production date
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