hi guysas i said some time ago, Jaap was looking for a new...

hi guys

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