Otto Completes Seismic Survey in Turkey

Otto reports that the 2006 Edirne seismic survey has identified several leads and drilling prospects.

The 2006 Edirne Seismic survey completed acquisition on November 24th and final processing and interpretation is continuing. A total of 185 line kilometers of seismic were recorded over previously identified leads and prospects.

Early interpretation results are encouraging and the Joint Venture (which includes Incremental Petroleum Ltd 15% and local private operators 20%) is now preparing to commence drilling towards the end of December.

The first well will be Koyustu–1 on a prospect immediately adjacent to the company's first gas discovery Bati Umur-1. Bati Umur was drilled in December 2005 and several zones of potential gas pay were identified on wire line logs. The well was not flow tested due to the severe winter conditions at the time of completion.

The Bati Umur and Koyustu prospects have positive geochemical anomalies at surface, indicative of mini gas seepage from the underlying structure, as well as amplitude anomalies on seismic ("direct hydrocarbon indicators") coinciding with interpreted reservoir intervals.

Following the drilling and testing, if warranted, of Koyustu-1, the rig will be moved to Bati Umur-1 for flow testing of that well. If both wells prove to contain producible gas, a feasibility study will commence immediately to identify the best way to commercialize these fields.

The Joint Venture is currently completing the interpretation of the final lines recorded in the recent seismic survey to select a second prospect for drilling, following the Koyustu / Bati Umur program.

Commenting on the company's drilling plans, Otto's Executive Director Jaap Poll said:

"The completion of the seismic survey and the commencement of the second drilling phase in the Edirne License before year-end, will hopefully mark the start of an active phase on appraisal and development in Otto's 65% owned Edirne License in the Thrace Basin of European Turkey.


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