Otto Energy Limited says that the Philippines Department of Energy (DOE) has granted an extension of Sub Phase 4 of Service Contract 55 (SC55) for a period of 12 months. Sub Phase 4 will now expire on 23 December 2015.

The Company continues its farm-out process to secure quality joint venturers to participate in the drilling of the Hawkeye-1 exploration well and looks forward to being able to provide an update on these discussions in the near term.

Planning and preparation for drilling of Hawkeye in 2015 has commenced, including steps for the acquisition of critical path long lead items.

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