Jul. 2012 - The SC55 joint venture is currently preparing for the drilling phase of exploration activities expected to commence with the Cinco-1 exploration well. The operator reported that it is currently negotiating access to an appropriate ultra deepwater rig with specialized well control equipment that will promote safe drilling operations on the proposed Cinco prospect. No specific data for commencement of drilling operations has been finalized.

May. 2012 - Otto Energy announced that the Philippines Department of Energy (DOE) approved an extension to the current Exploration Sub-Phase 4 of SC55 by 12 months. Sub-Phase 4, which began Aug. 5, 2011 has been extended to Aug. 5, 2013 and retains the commitment to drill one well under the current work program. Sub-Phase 5 has the same well commitment and runs from Aug. 5, 2013 until Aug. 5, 2014. The extension was requested by Otto's JV partner and operator of SC55 for the purpose of securing an appropriate ultra deepwater rig equipped with the required well control equipment to ensure safe drilling operations. No specific date for commencement of drilling operations in SC55 can be determined until a rig is secured. Current availability of such niche rigs is limited and was a factor in the decision to grant the extension for Sub-Phase 4.

Apr. 2012 - BHP Billiton has requested that the Department of Energy extend the current exploration sub-phase 4 of SC55 by 18 months. If approved by the DOE, this would extend the current contractual deadline to complete drilling of the commitment well from August 5, 2012 to February 5, 2014. The operator has requested this extension in order to secure an appropriate ultra deepwater rig with specialized well control equipment for drilling operations on the proposed Cinco prospect. No date has been set for drilling operations until a rig can be secured.

Jan. 2012 - The joint venture consortium of Service Contract 55 has elected to enter the fourth sub-phase of the drilling program, which requires a commitment well drilled prior to August 2012. The operator is planning to drill an offshore deepwater well at the Cinco prospect in 2Q 2012. Otto is working with farm-in partner BHP Billiton, who is carrying Otto's share of expenditure on the drilling of Cinco well, to determine the 2012 work program. BHP Billiton has contracted Deepwater Expedition (UDW drillship) to drill the well. Otto Energy operates SC55, which is located offshore Palawan Island in the Philippines.

Apr. 2010 - The Philippine Department of Energy approved amendments to the work program and budget within Service Contract 55. The following requirements to be executed are: a 3D seismic program to be performed (completed in March 2010), and the drilling of two wells by Aug. 5, 2013. Additionally, the DOE granted an increase in the service contract area by an additional 197,684 acres (800 square kilometers) of previously unlicensed acreage partially covered by the recently acquired 3D seismic. Otto Energy operates SC55, which is located offshore Palawan Island in the Philippines.

Feb. 2010 - Otto Energy commenced a 3D seismic data acquisition program in SC55, located in the southwest Palawan Basin, Philippines. Otto plans to acquire roughly 444,790 acres (1,800 square kilometers) of 3D data, and the survey should take two months to complete. SC55 covers an area of 2MM acres (9,000 square kilometers) and is located offshore Palawan Island in the Philippines.

Jan. 2010 - Otto Energy has entered into a seismic acquisition and farm in option agreement with BHP Billiton for SC55 permit in the Philippines, which Otto owns and operates. Under the agreement, BHPB will fund the acquisition and processing of a 247,105 to 494,211 acre (1,000 to 2,000 square kilometer) 3D seismic program. In return, Otto will grant BHPB exclusive review of the entire seismic database and an option to farm into the permit. If exercised, the farm in option would result in BHPB becoming the operator with a 60% net participating interest after funding two deepwater exploration wells and reimbursing Otto's incurred costs. If BHPB drills only one exploration well, the company will transfer back 30% interest and operatorship to Otto. The operator has already completed the acquisition of a 148,263 acre (600 square kilometer) 3D seismic program. SC55 covers an area of 2MM acres (9,000 square kilometers) and is located offshore Palawan Island in the Philippines.

Dec. 2009 - Otto Energy is embarking on a 3D seismic data acquisition program in SC55, located in the southwest Palawan Basin, Phillippines. Otto plans to acquire 145,792 acres (590 square kilometers) of 3D data in the southwest part of SC55, and the program is designed to mature the Hawkeye structure and several other key leads in the licensed area. The vessel is expected to arrive in the SC55 area in mid-December 2009.