Otto Energy Limited

Yesterday, the Australian shares closed lower as investors were leaving the market before Christmas. On Monday, the benchmark S&P/ASX200 index was down 58.3 points, or 1.61%, at 3557.4 points, while the broader All Ordinaries index was 54.9 points, or 1.55% lower, at 3492.3 points. Analysts said the loss was larger than expected, and the negative news from the world markets would impact on the local market.

Upstream oil and gas company Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce that the Company has entered into a conditional heads of agreement with BHP Billiton Petroleum Pty Limited (BHP Billiton) to farm‐out 60% of its interest in Service Contract (SC) 55. SC55 covers a deep water block located offshore southwest Palawan Island, in the Philippines.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) has been advised by the field operator, Galoc Production Company W.L.L. (GPC) that there will be production downtime at the Galoc Oil Field following a disconnection of the FPSO late yesterday afternoon prompted by adverse weather conditions.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) advise that Oil production commenced at the Galoc Oil Field on 9 October 2008. Initial production was up to 18,000 barrels of oil per day (bopd) and the rate of production has now stabilised at 13,000-14,000 bopd. To date, the field has produced over 770,000 barrels (bbls).

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) provides shareholders the opportunity to listen to an audio broadcast of the operations update presentation delivered by Alex Parks, Chief Executive Officer, at the Otto 2008 Annual General Meeting held in Perth, Western Australia, on Thursday 27 November 2008.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to provide an update regarding the sale of the first cargo of crude oil from the Galoc Oil Field in the Philippines.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to provide an update by Galoc Production Company (GPC), operator of the Galoc Field located offshore Palawan, regarding the sale of the first cargo of crude oil from Otto's first producing asset.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased provide an update from the Operator, Galoc Production Company W.L.L. ("GPC"), on production from the Galoc Oil Field, located in SC14C northwest Palawan, offshore Philippines. Otto holds a 31.38% shareholding in GPC, which holds a 58.29% working interest in the Galoc oil field, giving Otto an 18.28% indirect interest in the field.

Invitation for prospective investors to listen to a presentation by Otto Energy Limited's (ASX:OEL)(PINK:OTTEF) CEO in Hong Kong on the 16th October 2008 at Four Seasons Hotel, as part of the ASX-small to mid cap conference.

Otto Energy Limited (ASX:OEL)(PINK:OTTEF) is pleased to announce that production has commenced at the Galoc Oil Field, located in SC14C northwest Palawan, offshore Philippines.