Otto Energy Names CEO, CFO

Otto Energy Limited has appointed Alexander Parks as its Chief Executive Officer. The Company also named Bruce Elsholz as its Chief Financial Officer.

Alex Parks

Mr Parks has a Masters of Petroleum Engineering (MEng) degree from Imperial College, London and has been practicing as a Petroleum Engineer for almost 10 years in the UK and Australia before joining Otto.

Alex has held senior management positions for the last 5 years in Perth, Western Australia, including Managing Director of Troy-Ikoda Australasia and Technical Director of Geoscience and Engineering for RPS Energy (Australia / SE Asia). Alex has extensive technical and management experience in projects in Europe, North Africa, North America, the FSU, SE Asia (specifically the Philippines), Australia and New Zealand.

Alex recently accepted the prestigious Young Petroleum Engineer of the Year 2006 Award (SE Asia) from the Society of Petroleum Engineers at the AOPGCE in Adelaide. Alex will commence with Otto on 4 December 2006.

Bruce Elsholz

Mr Elsholz has a Bachelor of Commerce from the University of New South Wales and is an Associate of the Institute of Chartered Accountants.

Bruce has been involved in the oil industry as a Financial Controller and Company Secretary for almost 30 years, with companies based in Australia and in Canada. Mr Elsholz has experience with petroleum ventures in many countries world wide including Turkey, the Philippines and in South America (Otto's current areas of activity).

Commenting on the company's appointments, Otto's Chairman, Rick Crabb said:

"The appointment of a CEO and a CFO marks the Company's growth since listing about 2 years ago. Otto has built an exciting exploration and near-production portfolio which requires an executive team of oil professionals to manage and to guide the Company into its next phase of growth. Otto is expected to become a producer of oil and gas in the Philippines and in Turkey, whilst expanding its significant exploration portfolio.

"Dr Jaap Poll will be relinquishing his position as Managing Director and becoming an Executive Director assisting the new CEO. The Company will benefit from Dr Poll's continuing close association with Otto and the new team."


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