Otto Bids Farewell to Non-Executive Director

Otto announce the appointment of Mr. Paul Moore as Managing Director and Mr. Ian Boserio as a Non-Executive Director of the Company.

Mr. Moore, who was appointed as the Chief Executive Officer in July 2009, has been appointed to the Board as Managing Director. Mr. Moore has extensive experience in the oil and gas industry with 27 years in operating oil and gas companies, including 17 years in executive management roles. Mr. Moore has an international track record in oil/gas field developments and in new business growth.
Mr. Moore's contractual terms with the company remain unchanged as a result of this appointment.

Mr. Boserio brings more than 25 years international experience in the oil and gas business focusing predominantly on exploration to the Otto Board. He has spent the majority of his career with Shell including roles in Australia, North Sea, Middle East, India and Indonesia, and five years with Woodside as the Australia exploration manager. Mr. Boserio's last position at Shell was as the Australian new business manager, prior to that he led the Shell Australia and NZ exploration team growing its gas portfolio for LNG development.

Dr. Jaap Poll has announced his retirement from the Board of Otto Energy at the coming Annual General Meeting of shareholders in November 2010. Dr Poll will continue as a Non-Executive Director until that point.

Dr. Poll founded the company in 2004 and has held various roles in the company including formerly that of Managing Director. The Company would like to sincerely thank Dr. Poll for his dedication and contribution to the Company and wish him all the best in his future endeavors.

Mr. John Zadnik has also resigned as Alternate Director for Mr. Rick Crabb. The Company thanks Mr. Zadnik for his contribution since 2004.