Pryce Corporation approaches Otto Energy to acquire participating interest in SC55

Pryce Corporation, through subsidiary Pryce Gases, Inc. (PGI), has submitted a formal offer to Otto Energy Philippines for acquiring a 10 per cent participating interest in Service Contract 55 (SC 55). The offer is subject to the condition that PGI will receive 20 per cent of the Filipino Participation Incentive Allowance under the service contract and will be entitled to 10 per cent of the cost recovery pool. Australia’s Otto Energy is looking for partners for SC 55 in a bid to fulfil its commitment to start drilling activity in offshore Palawan in the third quarter.