Otto Energy Limited

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to advise that since re-commencing oil production at the Galoc Oil Field on 25 February 2009 production rates have averaged in excess of 16,000 barrels per day. This flush production is anticipated to continue over the next several days whereupon the field production is likely to return to its pre-shutin (December 2008) rates of around 13,000 to 14,000 barrels of oil per day.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to confirm that production recommenced from the Galoc Field at 21.30 hours local time on 25 February 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) Quarterly Activities Report to Dec 31, 2008

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by Galoc Production Company WLL (GPC), Operator of the Galoc Oil Field, that repairs to the mooring and riser system are underway at the Galoc Field as of 22 January 2009.

On Friday the Australian stock market ended higher on the recovery in mining sector. The benchmark S&P/ASX200 index closed up 21.4 points, or 0.61%, at 3550.9, while the broader All Ordinaries gained 18.1 points, or 0.52%, to 3494.9. Analysts expect the market may keep its way of turbulence in the reporting season until some clarity of the economy could be seen. Tomorrow Barack Obama's inauguration will be the focus of the week to boost some confidence in the market.

Otto Energy (ASX:OEL) and joint venture partner Incremental Petroleum announce that two gas bearing intervals have been identified in the Ikihoyuk-2 appraisal well located in the Edirne Licence, Western Turkey.

Yesterday offshore markets helped lift the Australian share market to a two-month high. Investors started to return as they were increasingly confident that the market may have passed the worst situation. The benchmark S&P/ASX200 index was up 37.0 points, or 0.99 per cent, at 3,779.7, and the broader All Ordinaries index added 39.0 points, or 1.06 per cent, to 3,728.2. The weaker commodities prices and performance of US stocks may send the local market down.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to advise it has executed agreements formalising the farm-in into the Santa Rosa exploration licence in Argentina and has approved the Exploration Work Program and Budget totalling US$4.1 million with the view to start drilling in H1 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) through its wholly owned subsidiary Edirne Energy Ltd ("Company" or "Otto"), is pleased to announce that the Ikihoyuk-2 development well in the Edirne Licence in Turkey is expected to be spudded on 7 January 2009.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) and Ascent Resources Plc have agreed to the deferral of drilling the Gazzata-1 onshore gas exploration well in the Cento-Bastiglia licences of the Po Valley, Italy, until no earlier than mid March 2009.