Project operator Otto Energy said it had signed a farm-in option with Pryce to earn a 10% interest in Service Contract 55 offshore the Philippines.
Otto retains an interest of 68.18%, and is partnered by Pryce, Red Emperor Resources and TransAsia Oil and Energy.
The drillship Maersk Venturer is mobilising to the Hawkeye location, and drilling will begin once the rig has positioned itself accurately.
Matthew
