Otto Energy Limited

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) provides an update on its exploration drilling programs in Turkey, Italy and Argentina.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) advises that the field operator Petroleum Exploration Mediterranean Int. Pty Ltd (PEMI), has advised that the Kirmizihoyuk exploration well located in the Edirne Licence, onshore Western Turkey was spudded on 12 May 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by the field operator, Galoc Production Company WLL (GPC), that production from the Galoc oil field recommenced as of 1030hrs local time.

Further to our ASX announcement made yesterday, 7 May 2009, Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by the Galoc Field operator, the Galoc Production Company WLL (GPC), that weather at the field was monitored throughout the day and the decision made to disconnect the Rubicon Intrepid FPSO late yesterday afternoon. The disconnection of the Rubicon Intrepid FPSO from the mooring and riser was completed at 19.00 hours yesterday evening, 7 May 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by the Galoc Production Company (GPC), that a category 1 Typhoon Emong (Chan-Hom) is passing 300 nautical miles to the north of the field. Production has been temporarily suspended while preliminary preparations are being made to disconnect the FPSO in the event it becomes necessary.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) announce an operations update from a quarterly reported ended 31 March 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to confirm timing for drilling the Gazzatta-1 exploration well in the Cento-Bastiglia permits in the Po Valley, onshore Italy.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce a capital raising of approximately $35 million via an institutional Placement and underwritten Entitlement Issue.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) would like to clarify information outlined in its Asia Oil Conference presentation lodged with ASX on 25 February 2009, with respect to the estimated value of the BHP Billiton Petroleum Pty Limited (BHPB) farm-in to Service Contract (SC) 55.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce that the Galoc Field has produced its first million barrels of oil.