Otto Modifies Offshore Philippines Seismic Program

Otto Energy Limited has completed the 116km2 3D seismic survey in SC50 as part of the Trinity 2D and 3D offshore seismic program in the Philippines in Service Contracts (SC) 50, 51 and 55.

In a change to a May 17, 2007, announcement, the order of the shoot has changed for logistical reasons. The CGGVeritas Pacific Sword has now proceeded to SC55 and has completed approximately 50% of that survey. The SC51 program will be acquired last. To further delineate a possible additional structure north of Marantao, an additional 94 km line will be shot in SC55.

Otto will now be acquiring:

--116km2 of 3D data over the Calauit and Calauit South Fields in SC 50. (complete)
--954 km of 2D data in Otto's deep water permit SC 55. (~ 50% complete)
--145km2 3D seismic & 261km of 2D data in Otto's SC 51 permit.

The entire seismic program is expected to be complete by the end of July 2007, after which the seismic data will be processed and interpreted and drilling plans finalized.

West Perth-based oil and gas explorer Otto Energy has assembled a balanced portfolio of oil and gas exploration and production projects in the Philippines, Turkey and Argentina.

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