Otto Energy Posts Update on Drilling 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 and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330‐480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.

The rig has been moved to the Ikihoyuk‐2 discovery well for testing, which is expected to commence later this week.

Italy -- Cento‐Bastiglia Permits

The Gazzata‐1 exploration well was drilling at a depth of approximately 2,219m on the evening of June 9, 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.

Argentina -- Santa Rosa License

Preparations continue at well site for rig arrival. Schedule remains unchanged for the spudding of the first exploration well to occur in late June 2009.


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