Otto Energy gets moratorium on SC 55

Australia-listed Otto Energy Ltd. said it obtained the Department of Energy’s (DoE) approval granting it a two-year moratorium on exploration activity earlier required by the regulator covering a deep-water exploratory well in the South China Sea. The company had sought the reprieve in January or five months after announcing plans to plug and abandon Service Contract…

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…