Galoc Production Company

WESTERN Australia’s Advanced Well Technologies Pty Ltd has been awarded a major contract for the engineering, procurement and construction management of sub-sea wells for Galoc Production Company’s field development project in the Philippines.

Shares in Otto Energy have risen after the company declared it was free from debt and its Galoc oil field in the Philippines had reached commerciality. Otto's share price closed up 0.6 cents or 8 per cent at 7.9c after reaching a high of 8.2c.

Perth-based oil and gas junior Otto Energy has announced a $US18.7 million deal to increase its stake in the Galoc oil field in the Philippines to 33 per cent.Otto previously held a 18.78 per cent stake in the project, which is currently producing 6,800 barrels of oil each day.  

International oil executive Michael Fischer has been named Nido Petroleum’s new managing director.