Otto Energy Ltd provides an update on remaining oil reserve balances at the Galoc oil field in the Philippines as at 1 January 2013.

The operator of the Galoc oil field, Galoc Production Company WLL, is a wholly owned subsidiary of Otto. It has commissioned an annual review of remaining oil reserves from RISK, an independent consulting firm.

RISC has reviewed the Galoc oil field reserves in accordance with the SPE, WPC, AAPG and SPEE Petroleum Resource Management System definitions, guidelines and auditing standards.

The reported increases in reserves are attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices. The Galoc oil field is expected to remain in production beyond 2020 based on the Galoc Phase I and Phase II well configuration.

Tags: Otto Energy Limited