The companies, involved in Service Contract (SC) 69 offshore Visayas, have received a six-month extension from DOE on their current exploration (sub-phase 3) work schedule. Otto Energy owns a 79 per cent stake and Frontier Energy holds a 15 per cent interest in SC 69, while Trans-Asia Oil and the Energy Development Corporation together hold 6 per cent stake. The revised work programme is as follows:
- Sub-phase 3 – acquisition of 228 square km of 3D seismic data; completion date: November 2013
- Sub-phase 4 – 50 square metre 3D seismic data; completion date: November 7, 2013–November 7, 2014
- Sub-phase 5 – drilling of an exploration well; completion date: November 7, 2014–November 7, 2015.