as i said some time ago, Jaap was looking for a new M.D.
todays announcement is great news.
young and energetic M.D will kick arrse..
2 November 2006 Manager of Company Announcements Australian Stock Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000 By E-Lodgement OTTO ANNOUNCES THE APPOINTMENT OF A CEO AND CFO Highlights • Otto is pleased to announce the appointment of Mr Alexander Parks as its Chief Executive Officer. • The Company also confirms the appointment of Mr Bruce Elsholz as its Chief Financial Officer. Alex Parks Mr Parks has a Masters of Petroleum Engineering (MEng) degree from Imperial College, London and has been practising as a Petroleum Engineer for almost 10 years in the UK and Australia before joining Otto. Alex has held senior management positions for the last 5 years in Perth, Western Australia, including Managing Director of Troy-Ikoda Australasia and Technical Director of Geoscience and Engineering for RPS Energy (Australia / SE Asia). Alex has extensive technical and management experience in projects in Europe, North Africa, North America, the FSU, SE Asia (specifically the Philippines), Australia and New Zealand. Alex recently accepted the prestigious Young Petroleum Engineer of the Year 2006 Award (SE Asia) from the Society of Petroleum Engineers at the AOPGCE in Adelaide. Alex will commence with Otto on 4 December 2006. Bruce Elsholz Mr Elsholz has a Bachelor of Commerce from the University of New South Wales and is an Associate of the Institute of Chartered Accountants. Bruce has been involved in the oil industry as a Financial Controller and Company Secretary for almost 30 years, with companies based in Australia and in Canada. Mr Elsholz has experience with petroleum ventures in many countries world wide including Turkey, the Philippines and in South America (Otto’s current areas of activity).
Commenting on the company’s appointments, Otto’s Chairman, Rick Crabb said: - “The appointment of a CEO and a CFO marks the Company’s growth since listing about 2 years ago. Otto has built an exciting exploration and near-production portfolio which requires an executive team of oil professionals to manage and to guide the Company into its next phase of growth. Otto is expected to become a producer of oil and gas in the Philippines and in Turkey, whilst expanding its significant exploration portfolio. Dr Jaap Poll will be relinquishing his position as Managing Director and becoming an Executive Director assisting the new CEO. The Company will benefit from Dr Poll’s continuing close association with Otto and the new team.” Yours faithfully Rick Crabb Chairman For further information please contact: Dr Jaap Poll John Williams Otto Energy Limited / Perth Professional Public Relations / Perth Ph: 08 9226 0001 / 0419 859 472 Ph: 08 9388 0944 / 0412 422 636 Editor’s Notes : About Otto West Perth based oil and gas explorer Otto Energy Limited (“OEL”) listed on the ASX on 20 December 2004 and has assembled a balanced and significant portfolio of oil and gas exploration and potential production projects in the Philippines, Turkey and Argentina. Philippines Otto recently acquired 100% of NorAsian Energy Limited (“NorAsian”), which gives the company operational control to progress the development of the Calauit Oilfield (SC50 – 65%) in late 2007, after recently securing a semi-submersible drilling and production rig. Dr Andrew Wadsley calculates that the Calauit Oilfield contains 39.4 mm barrels of oil in place of which 6.44 mm barrels are recoverable (mean category). Other licences include East Visayan (SC 51-50%), Ultra Deep Water Palawan (SC 55-55%). Otto now has one of the largest publicly owned acreage holdings offshore Philippines, with a total area of over 15,000 sq km (over 3.7 million acres). Canadian Vital Resources Corp (“Vital”) agreed to acquire a 35% interest in SC 50 and a 30% interest in SC 51 and SC 55 on advantageous terms to Otto. Turkey Otto has 65%-80% in 3 gas prospective licences in the onshore Thrace Basin of European Turkey. Otto has a first well gas discovery in Bati Umur-1, which it hopes to commercialise in 2007. Incremental Petroleum Limited (“Incremental”) agreed to acquire 15% in the Edirne Licence by carrying out a $3million exploration program, which has recently commenced with an initial seismic survey to provide additional drilling targets. Drilling of at least 2 further exploration wells is expected to commence in December 2006. Argentina Otto and Oromin Explorations Ltd (“Oromin”) agreed to a farm-in arrangement, whereby Otto will initially earn a 32.48% working interest in the Santa Rosa Block in the oil prolific
OEL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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