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One of ten reasons to buy Otto.

SX / Media Announcement
26th February 2008
Galoc Oil Field Development Update, Philippines.
Galoc-4 successfully flows oil at over 6,000 bopd.
Australian based oil & gas company Otto Energy (ASX: OEL) is pleased
to release the attached announcement from the Galoc Production
Company, operator of the Galoc Field Development offshore Philippines.
Highlights:
• Galoc-4 well has been flow tested at a stabilised rate of
approximately 6,150 barrels of oil per day (bopd)
• The well is now ready for connection to the FPSO for first
commercial oil production in April 2008
Otto has an indirect 18.28% interest in the Galoc field via a 31.38%
shareholding in Galoc Production Company W.L.L. (“GPC”) which holds
a 58.29% working interest in the Galoc Oil Field. A subsidiary of the
Vitol Group (“Vitol”) owning the remaining stake (68.62 %)
The Galoc-4 well has now been cleaned up at dry oil flow rates of up to
6,150, bopd on a 52/64” inch (20.6mm) choke. This rate was
deliberately constrained to optimise data gathering and sampling. The
expected initial rate from Galoc-4 when the field comes on full
production is expected to be higher than this test rate.
CEO of Otto Energy Alex Parks, said:
“Otto is extremely pleased with the results from both Galoc wells.
Analysis of the clean up flow from the Galoc-4 well has shown it is the
best of the two development wells and both are at the high end of the
pre drill expectations”
There have been some weather and operational related delays during
the drilling, but nothing particularly out of the ordinary for development
projects of this nature. The cost of the delays to Otto should be less
than US$2 million, which is a testament to GPC running a well managed
operation.
For Otto Energy shareholders who would like to remain informed of the
progress of the Galoc Project on a daily basis, please refer to the GPC
website and the regular releases on the Philippines Stock Exchange at
www.galoc.com and www.pse.org.ph/ respectively.
Yours faithfully
_________________
Alex Parks
CEO
For further information please contact:
Alex Parks (CEO) Jill Thomas / John Williams
Otto Energy Professional Public Relations
Ph: +61 8 9226 0001 Ph: +61 8 9388 0944