Firms finish survey of oil prospect

Australian firm Otto Energy Ltd. and Trans-Asia Oil and Energy Development Corp. on Thursday completed a 3D seismic survey over the Camotes Sea, a move that will allow the consortium to identify “drillable prospects” within Service Contract 69.

The seismic survey will help the consortium tap prospective structures within the service contract area, which was estimated to contain more than 700 million barrels of oil.

In a disclosure to the Philippine Stock Exchange, Trans-Asia Oil explained that the consortium was able to acquire 229 square kilometers of 3D seismic data. The digital data would be shipped to a processing center soon, the company added.

Paul Moore, managing director for Otto, said in a separate regulatory filing that the processing would take approximately six months to complete prior to interpretation.