Otto Energy Limited has successfully completed its Trinity 2D and 3D offshore seismic programs, in Service Contracts (SC) 50, 51 and 55 in the Philippines – under budget and ahead of schedule.

The data will now be processed by CGGVeritas and delivered to Otto Energy in September/October this year for interpretation.

The 145km2 3D seismic acquired in SC51 forms the last part of the Trinity Survey covering the Argao, and Cabilao prospects. The various target zones in the anticlinal Argao structure potentially contain up to 270 MMbbls of recoverable oil in conventional sandstone reservoirs.

The presence of hydrocarbons is supported by observance of “Direct Hydrocarbon Indicators’ (DHI’s) on the existing 2D data. The 3D seismic will allow more detailed evaluation of the DHI’s and optimisation of a drilling location to target the three potential horizon objectives in the Argao structure.

Cabilao is an adjacent reef structure also covered by the 3D survey and will be a potential follow up exploration well targeting up to 150 MMbbls of recoverable oil.

Because of their close proximity, success in one prospect significantly enhances potential success in the other.

The next step in the exploration program is to conduct an extensive environmental survey in the Cebu-Bohol Straits to prepare for drilling the Argao structure in 2008. This survey will commence within the next few months.