Otto energy has ended its 5 month search for a cashed up partner to explore deepwater Philippines. BHP agree to fund a drilling program potentially worth more than 200 million.
The seismic work alone is likely to cost between US15 million & US 20 million.While a deep water well is likely to set BHP back between US50mill & US100mill.
Block SC55 is one of many in the palawan basin that have attracted interest based on initial assestments that have identified prospects potentially containing billions of barrels of oil.
Nido another perth based junior controlling Palawan Basin acreage & looking for a farm in partner has said its blocks had OIP potential of more than 10 billion barrels
Nido's search for a farmin partner has been delayed because of the global economic meltdown.
West Australian newspaper 23-12-08 parts taken from Peter Klinger article.
west australian article
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