PEMI Spuds Kirmizihoyuk Exploration Well Onshore Turkey

Otto Energy advised that the field operator Petroleum Exploration Mediterranean Int. Pty Ltd (PEMI) reported that the Kirmizihoyuk exploration well located in the Edirne License, onshore Western Turkey, was spudded on May 12, 2009.

The Kirmizihoyuk‐1 well is located 4km NNW of the Bati‐Umur 1 discovery drilled in 2008. The planned total depth of the well is 450 meters and is expected to take approximately 12 days to drill. Kirmizihoyuk‐1 targets P50 prospective gas resources of approximately 0.75bcf within the Osmancik formation.

Six gas discoveries have been made to date on the Edirne License with a number of prospective leads having been identified on 3D seismic, including the Kirmizihoyuk prospect.

Otto holds a 35% interest in the Edirne License. The Edirne License is operated by joint venture partners PEMI (55%) and Petraco (10%).