Otto Energy Completes 2D Shoot in Thrace Basin

Otto Energy Limited has completed a 124km 2D seismic survey in its Turkish Edirne License in the Thrace Basin. The survey was designed to initiate exploration in the western and eastern areas of the License and further delineate an identified gas prospect in the southeast of the permit.

A 149 square kilometer 3D survey is due to commence on June 28, 2007. The survey is expected to take approximately 10 weeks to acquire and the data should be available to plan for a drilling campaign commencing late 2007. The 3D survey has been designed to optimally cover the central and so far most prospective part of the permit.

Gore Geochem field sampling over an area of 89 square kilometer is complete and the samples have been sent for analyses in the US. In conjunction with seismic data, GORE provides a good basis for ranking prospects and increasing the probability of successful drilling, as demonstrated by the three successful gas discovery wells drilled by the Joint Venture partners in the permit.

Commenting on the news Alex Parks, CEO of Otto Energy, said "We have had a high success rate drilling in the Thrace Basin by targeting structures with strong amplitude events on the seismic, which are also supported by GORE results. The current operations are the foundation for a well planned and hopefully successful multi-well drilling campaign the Joint Venture partners has scheduled to commence later this year."