Otto Updates on Phase 2 Drilling Onshore Turkey

Otto Energy has provided an update on its Phase 2 exploration drilling program in the Edirne License, Turkey. The Phase 2 drilling program
incorporates up to seven exploration and appraisal wells, which includes the previously advised Kumluk and Kartal wells.

The program is targeting additional gas volumes which can be commercialized through the Edirne Gas Plant. Each of the wells, with the exception of Yolboyu‐1, is targeting modest volumes and are being drilled within the extensive 3D seismic that has been acquired within the Edirne license.

The third well in the drilling program, the Yolboyu‐1 well spudded on February 12, 2010. The Yolboyu‐1 well differs from the previously drilled wells in the permit. It is a step‐out and deeper prospect covered by existing 2D seismic only and as such is higher risk but has a potential of up to 7.00 Bcf. The prospect, if successful, will require additional infrastructure to enable it to be bought into production including consideration of expansion of the Edirne Gas Plant.