May. 2013 - Otto Energy, operator of the Galoc oil field, is preparing for the upcoming development drilling program that is part of the Galoc Phase II development. Diamond Offshore's Ocean Patriot (mid-water semisub) is mobilizing to the field to drill the Galoc-5H and Galoc-6H wells in block SC14C. Both wells are expected to be drilled to 7,185-feet TVD with approximately 6,561-feet of horizontal completion. Once complete, each well will be tied-back to the Rubicon Intrepid FPSO. First oil is expected in 4Q 2013.

May. 2013 - Kuwait Foreign Petroleum Exploration Company (KUFPEC) became the newest addition to the Galoc joint venture in the Philippines. Through its acquisition of Risco Energy Pte Ltd, KUFPEC now controls a 26.84473 percent working interest in the Galoc development. Development of Galoc Phase II was approved by the partners in 2012. The development drilling program is expected to commence in June of this year with first production expected in Q4 2013.

Sep. 2012 - Otto Energy has approved the Final Investment Decision for Phase II of the Galoc field. Total project cost will be $188 million. Based on its working interest in the project, Otto will be funding 33 percent of the cost, or $62 million. The scope of work for Phase II includes drilling two subsea wells, tying back the wells to the existing FPSO and installing a second production riser and control umbilical. Both wells are expected to commence production during the second half of 2013. The two new Phase II wells will increase field production rates to 12,000 bopd from the current rate of 5,600 bopd.

Jul. 2012 - The Galoc joint venture is still moving forward with Phase II of the field's development, which remains on schedule for the Final Investment Decision (FID) in 3Q 2012. The scope of FEED work, to be undertaken prior to FID, includes detailed subsurface modeling of the reservoir, drilling and completion design, subsea engineering and tie-back design for new wells. The consortium has pre-invested in the required infrastructure, including wellheads, flowlines and umbilical lines to ensure drilling can occur in 2013.

May. 2012 - Otto Energy provided an update on remaining oil reserves balances at the Galoc oil field in the Philippines, performed by independent consulting firm RISC. The company confirmed the reported increase in reserves is attributable to better than expected reservoir performance to date and an extension of field life due to higher prevailing oil prices. Galoc is expected to remain in production until 2016 to 2018 on the basis of the existing two wells alone. Otto Energy estimates Contingent Resources of 1.49 MMboe (Otto share) at 2C level attributable to the Galoc Phase II development, currently progressing through Front End Engineering and Design, with a target Final Investment Decision around mid-2012.

Apr. 2012 - Otto Energy has recommenced production at the Galoc oil field offshore Palawan in the Philippines following a planned shutdown for refurbishment of the FPSO. During the shutdown, the FPSO Rubicon Intrepid underwent planned re-certification, maintenance, inspection and turret installation work. Otto said the upgrade of the FPSO mooring system should increase the reliability and uptime of the FPSO and is a crucial component of infrastructure to enable the Galoc Joint Venture to move ahead with a potential phase II development of the Galoc field.

Mar. 2012 - Nido Petroleum announced that fabrication and installation of the turret mooring and riser system for Phase II of the Galoc field was progressing on schedule with production expected to resume at the end of 1Q 2012. Furthermore, the FEED for Phase II is being performed as planned and remains on track for FID in 2012.

Nov. 2011 - Otto Energy has shut-in the Galoc oil field to perform upgrades in the field. While the FPSO Rubicon Intrepid is out of the field, seabed anchoring and riser modifications will occur in preparation for the reconnection of the vessel on return to the field in late 1Q12. Production should re-commence shortly after the FPSO reconnection.

Sep. 2011 - Galoc Production Company has approved the initiation of Front-End Engineering and Design (FEED) work and the acquisition of new 3D seismic data in support of the planned Phase II development of the Galoc oil field. The FEED work will determine the exact locations, and the number of additional wells to be drilled on the field. Work is expected to commence in 2013. The operator stated that the new 3D seismic will support the placement of Phase II wells in the reservoir and de-risk capital expenditure. The Galoc oil field is on track to sanction in mid-2012. The Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14. Serving as the operator of the field is the Galoc Production Company, holding a 58.29% interest.

Aug. 2011 - Otto Energy has entered an agreement to increase its stake in the producing Galoc oil field offshore Phillippines. Otto has bought the entire stake of the Vitol Group in Galoc Production Company, the operator of the Galoc field that is currently producing 6,800 bopd. The deal makes Otto Energy full owner of Galoc Production, which has a 59.84% stake in the service contract 14C, up from its original stake of 31.38%. Otto said the move would increase its own proved, and probable reserves by 980,000 barrels. The company plans to sell a 26.8% stake to Risco Energy, bringing Otto's post acquisition interest in Galoc to 33%. The Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14.

Jul. 2011 - Galoc Production Company has approved an upgrade of the mooring and riser system on the Rubicon Intrepid FPSO on the Galoc oil field offshore Philippines. The company said the upgrade involves retrofitting an external, non-disconnectable, turret mooring system allowing the FPSO to rotate 360 degrees and safely operate in the field's meteorological and oceanographic (metocean) conditions. The system is also a key component of the field's development, enabling the consortium to move forward with Phase 2 development. Engineering work on the new system has commenced, and the FPSO is slated to return to the field before year-end. The Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14. Serving as the operator of the field is the Galoc Production Company, holding a 58.29% interest.

Feb. 2011 - Nido announced that after a brief shutdown on the Galoc field in October 2010, the oil field resumed production on Nov. 24, 2010, and ended the year with an average uptime of 84%, up from 63.5% in 2009. By year-end, a total of 6.27 million barrels of oil had been produced. Furthermore, the Galoc Joint Venture continues to assess a possible phase 2 development aimed at accessing additional oil in the reservoir and increase oil production. A new prospect, the Galoc North, is also being assessed. The JV Company is owned by Vitol with a 68.6% interest and Otto Energy with a 31.4% interest. Galoc project partners include Nido Petroleum with 22.28%, Philodrill Corp. with 7.03%, Oriental Petroleum/Linapacan Oil Gas & Power with 7.57%, Forum Energy with 2.27%, Alcorn Gold Resources with 1.53%, and PetroEnergy Resources with 1.03%.

Nov. 2010 - Production has resumed from the Galoc field and is flowing at a rate of 8,500 bopd. Located 37 miles (60 kilometers) northwest of Palawan Island in the Philippines, the Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14. Serving as the operator of the field, Galoc Production Company holds a 58.29% interest in the field. The JV Company is owned by Vitol with a 68.6% interest and Otto Energy with a 31.4% interest. Galoc project partners include Nido Petroleum with 22.28%, Philodrill Corp. with 7.03%, Oriental Petroleum/Linapacan Oil Gas & Power with 7.57%, Forum Energy with 2.27%, Alcorn Gold Resources with 1.53%, and PetroEnergy Resources with 1.03%.

Oct. 2010 - Production was shut-in at the Galoc oil field due to adverse weather conditions. The Rubican Intrepid FPSO was disconnected from the mooring and riser system, and while production is shut-in, the owner of the vessel, Rubicon Offshore International will perform repairs to the FPSO. Located 37 miles (60 kilometers) northwest of Palawan Island in the Philippines, the Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14.

Nov. 2009 - Oil production has returned on the Galoc oil field after the field was shut-in due to a delay in offloading crude oil from the Rubicon Intrepid FPSO. Located 37 miles (60 kilometers) northwest of Palawan Island in the Philippines, the Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14. Problems with the export hose, which has since been replaced, caused the temporary production delay.

Oct. 2009 - GPC has suspended oil production from the Galoc field which is situated in Service Contract SC14-C (Galoc Sub Block) in 951 feet (290 meters) of water approximately 40 miles (65 kilometers) north west of Palawan in the Republic of the Philippines. The company cited full FPSO storage due to ongoing offloading delays as the reason for the suspension. Problems with the export hose, for which a replacement is enroute from Singapore, caused the delay and offloading is expected to be delayed until November 9.

Aug. 2009 - Otto Energy received confirmation from field operator, the Galoc Production Company (GPC), that production at the Galoc oil field recommenced following the reconnection of the Mooring & Riser System to the FPSO Rubicon Intrepid. The original disconnection, which occurred in late June 2009, was due to adverse weather conditions associated with Tropical Storm NANGKA (Feria). Following the disconnection, the riser subsequently sustained damage, which required the replacement of one of its 98 feet (30 meter) long sections. This work was undertaken on location by the FPSO operator Rubicon Offshore International using their own work class vessel Rubicon Maverick.

Jul. 2009 - Galoc Production Company advised that reinstatement of the Mooring and Riser System following the weather related disconnection undertaken in late June is continuing. Progress has been delayed due to a combination of sea conditions exceeding those necessary to safely undertake the subsea operations and downtime of equipment necessary to perform these operations. The mooring and riser system has been re-orientated and preparations are in hand to change out the section of riser that was deformed. Once completed, the system will be reconnected to the FPSO and function tested prior to resuming production operations. The Galoc field is located in Service Contract SC14-C in 951 feet (290 meters) of water approximately 40 miles (65 kilometers) north west of Palawan in the Republic of the Philippines.

Jul. 2009 - Otto Energy advised that Galoc Production Company entered into an agreement to acquire an additional 1.55% working interest in the Galoc Oil Field (Service Contract 14 Block C1). This acquisition increases GPC's working interest in the Galoc Field from 58.29% to 59.84%. As a result, Otto's indirect interest in the Galoc Project will increase by 0.49% to 18.77%. Additionally, Otto reported that the FPSO contractor, Rubicon, has mobilized equipment to the Galoc field to reinstate production.

Jul. 2009 - A delay in reconnection of the FPSO Rubicon Intrepid to the Galoc field is ongoing following the disconnection that was undertaken last week due to adverse weather. The delay is due to misorientation and deformation of the mooring and riser system that connects the FPSO to the seabed and subsea wells. The Galoc field is located in Service Contract SC14-C in 951 feet (290 meters) of water approximately 40 miles (65 kilometers) north west of Palawan in the Republic of the Philippines.

Jun. 2009 - Otto announced that commerciality has been declared at the Galoc oil field and that the company is now debt free; the extended testing phase at Galoc was concluded and commerciality has been declared. The data obtained during the extended test phase has proved invaluable in providing sufficient confidence of the reservoir performance to justify the commencement of long term production. Located 37 miles (60 kilometers) northwest of Palawan Island in the Philippines, the Galoc oil field is situated in the North West Palawan Basin on Block C of Service Contract 14.

May. 2009 - Production from the Galoc oil field recommenced on May 13, following reconnection of the Rubicon Intrepid FPSO to the mooring and riser system. The Galoc oil field is located in Service Contract 14C off the west coast of Palawan in the Philippines. Disconnection had been undertaken due to adverse conditions associated with the recent severe tropical storm. The reconnection operation was initiated over the weekend once conditions had subsided sufficiently and was concluded with integrity testing of the system prior to recommencement of production.

May. 2009 - A category 1 Typhoon Emong (Chan‐Hom) is passing 300 miles (483 kilometers) to the north of the Galoc field, located offshore Philippines on Service Contract 14C. Production was temporarily suspended while preliminary preparations are being made to disconnect the FPSO in the event it becomes necessary. On May 5, 2009, the fifth off take was completed with a total of over 336,000 bbls.

Mar. 2009 - The Galoc field produced its first million barrels of oil. Galoc is located in SC 14C off the west coast of Palawan in the Philippines. The development involved two subsea horizontal production wells tied-back to the Rubicon Intrepid FPSO, via a short seabed pipeline and mid-water riser system. Otto Energy serves as the operator of the field.

Feb. 2009 - Otto Energy has provided an update on the installation of the Hold Back Mooring System (HBMS) and repairs to the Mooring and Riser System (M&RS) at the Galoc Oil Field, located offshore Philippines, as advised by the Operator of the field, Galoc Production Company (GPC). Substantial progress has been made with all repairs to the M&RS. This progress has resulted in the Rubicon Intrepid FPSO vessel now safely reconnected to the M&RS. The southwest portion of the HBMS has been installed and the FPSO will connect to the HBMS once final inspection of the HBMS is completed.

Feb. 2009 - J P Kenny Wood Group received a four-year contract for subsea integration and follow-on engineering works for the deepwater development. The contract is for the provision of specialist subsea engineers, engineering studies, design and follow-on engineering supports through to the fabrication and commissioning phases of the project.