Otto Energy exits natgas SC 55

ASX-listed oil and gas company Otto Energy Investments Ltd. has given up its interest in Service Contract (SC) No. 55 offshore northern Palawan after drilling showed disappointing amount of gas reserves in the prospect. In a statement posted on its website yesterday, Otto said it told its joint venture partners it will not continue with further activity in SC55. It said it will assign its working interest to the remaining joint venture partners, which is being finalised. Read more here.

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