May 24, 2013 - Otto Energy, operator of the Galoc oil field, is preparing for the upcoming development drilling program that is part of the Galoc Phase II development. Diamond Offshore's Ocean Patriot (mid-water semisub) is mobilizing to the field to drill the Galoc-5H and Galoc-6H wells in block SC14C. Both wells are expected to be drilled to 7,185-feet TVD with approximately 6,561-feet of horizontal completion. Once complete, each well will be tied-back to the Rubicon Intrepid FPSO. First oil is expected in 4Q 2013.

May 3, 2013 - Kuwait Foreign Petroleum Exploration Company (KUFPEC) became the newest addition to the Galoc joint venture in the Philippines. Through its acquisition of Risco Energy Pte Ltd, KUFPEC now controls a 26.84473 percent working interest in the Galoc development. Development of Galoc Phase II was approved by the partners in 2012. The development drilling program is expected to commence in June of this year with first production expected in Q4 2013.

May 3, 2013 - Petronas announced the successful completion of the Cendor Graben-2 appraisal well off Malaysia in block PM304. The well was drilled to a depth of 3,280 feet and confirmed the presence of oil and some gas bearing reservoirs. Cendor Graben-2 is part of the second phase of development of the Cendor field, which was considered a marginal field when it was first discovered. Initially, the field was thought to contain 12 MMstb of recoverable oil. Recent exploration and appraisal activity within the block have increased estimated recoverable resources to over 200 MMstb making it one of the largest fields in Malaysia. Production from Cendor Phase 2 is expected to begin in stages throughout 2013.