Otto and Incremental Kick Off Thrace Basin Program for 2007

Otto Energy Limited (OEL) and Incremental Petroleum (IPM) on Wednesday announced the commencement of a 125km 2D seismic program and surface geochem survey in the Edirne License of the onshore Thrace Basin in Turkey.

The program will specifically provide further data over the Urun prospect (which could contain up to 10bcf GIIP or more) and initiate wider exploration in the periphery of the license that to date has very limited seismic coverage.

Tendering is under way for a 149 km2 3D seismic survey, due to commence in the next few months over what is considered to be the most prospective area of the permit including the three gas discoveries made by the Joint Venture in 2005-06.

An extensive GORE (surface geochem) survey will help in the evaluation of the prospects to be covered by the 3D survey. In simple terms, Gore detects elevated gas readings in surface soil samples indicating the possible presence of hydrocarbons gradually seeping to surface from subsurface accumulations. In combination with seismic data it helps in prospect ranking.

Commenting on the new exploration programs, Alex Parks CEO of Otto Energy said:

"Our drilling results to date have demonstrated with some confidence that the presence of gas can be predicted from the combination of seismic amplitude and geochem anomalies. The extensive 2D & 3D seismic and geochem programs are designed to identify and mature a number of targets for a drilling campaign expected to commence towards the end of this year."


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