EXPLORATORY drilling at the Hawkeye-1 well offshore Southwest Palawan yielded a disappointing result, according to Australia-listed Otto Energy Ltd. (Otto), operator of Petroleum Service Contract 55 where the well is located.
Matthew Allen, Otto’s managing director and CEO, said the Hawkeye-1 exploration well has proven the existence of hydrocarbons in SC55 but the hydrocarbon size was at the “very low end” of expectations, unsuitable for commercial development.
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