►Gas discovery of some 3bcf plus in Turkey, cash flow Q4 07, worth about today’s market cap; with more to come. ►Acreage super majors would dream of having, with a total potential of some 400mmbo of oil in ground. ►Production scheduled for early 08 of some $100m worth of oil from SC50
Argentine licence is yet to be issued, must be a record for bureaucratic feet dragging!
Yet all some half-brained manipulating mor*n has to do is put up a blocking stake of ½ mil and all the ninnies send the stock south. But, sooner or later it will move – things are about to happen.
"""Calauit oilfield in Philippines to start Wednesday Feb 7 22:44 AEDT Australia-based Otto Energy Ltd is planning to bring onstream the Calauit oilfield in the Philippines at a rate of 12,000-15,000 barrels per day (bpd) of oil early next year, the company's CEO said.
The new field will raise the Philippines' domestic crude output by about a third, after the 17,500 bpd Galoc field comes onstream during the fourth quarter of this year.
"Production will start in January or February 2008," Alex Parks told Reuters on the sidelines of the 12th Annual Asia Upstream conference, organised by Global Pacific and Partners.
Small independent Otto Energy operates the Calauit field, located offshore the Philippines, with a 70 per cent interest.
The company has operational interest in two other permits in the Philippines, as well as assets in Turkey and Argentina.
Interest in under-explored the Philippines has increased over the past few years as oil prices surged.
The Philippines produces around 23,000-25,000 bpd of crude oil but consumes some 330,000 bpd. The start-up of the Galoc field will raise the Philippines' domestic output by about 70 per cent to 42,500 bpd."""
OEL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
