Otto Updates on Drilling Programs in Turkey, Italy and Argentina

Otto Energy has provided an update on its exploration drilling programs in Turkey, Italy and Argentina.

Turkey ‐- Edirne License

The Kirmizihoyuk‐1 exploration well was drilled to total depth and encountered gas over three zones and some deeper ambiguous zones that could be gas or water.

The ambiguous zones have now been tested and established as partly gas bearing with flow of up to 0.71MMscf/d with associated water production. The main target intervals will be perforated and flow tested shortly and any results will be provided in next week's update.

Italy -- Cento‐Bastiglia Permits

Drilling commenced on May 19, 2009 in the Cento‐Bastiglia Exploration Permits located in the Po Valley, onshore Italy. The Gazzata‐1 exploration well was drilled to a depth of 557 meters and 13 3/8" casing has been run to 544m. Gazzata‐1 was drilling ahead in 12 1/4 inch hole at 586m at 9pm local time on May 26, 2009.

Argentina -- Santa Rosa License

The first wellsite is being prepared for rig arrival. Spudding of the first exploration well named OLE.MD.SRE.x‐2001, is expected to occur around in mid/late June 2009.
 

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