QUARTERLY REPORT FOR THEPERIOD ENDED 31 MARCH 2010The quarter...

QUARTERLY REPORT FOR THE
PERIOD ENDED 31 MARCH 2010
The quarter ended 31 March 2010 has seen Otto Energy Ltd (Otto) deliver one of the busiest operational periods in the companys short history.

First sales gas achieved from Edirne Gas Facility on 8 April 2010

Galoc production of 767,315 bbl of crude oil with 83% uptime

4 exploration wells drilled in the Edirne license

3 seismic campaigns successfully completed in the Philippines.
First sales gas from the Edirne licence in Turkey was delivered on 8 April 2010 under the previously announced gas sales agreement. Phase 2 exploration and appraisal drilling has commenced with the first three wells encountering gas. A fourth well is currently being drilled.
The Galoc oil field has now produced a total of 4.3 mmbbls of crude oil and delivered 12 offtakes to customers. The field continues to produce in line with expectations and Otto is working with the Operator to continue to improve facility performance and plan for the appraisal and development of the remainder of the field.
km2 and 1,800 km2 3D seismic surveys in Service Contract 55 offshore Palawan and its 900 km 2D seismic survey in Service Contract 69 in the Visayan Basin in the Philippines. All recent seismic campaigns undertaken by Otto have been completed without a safety incident continuing our impeccable safety record.
Otto has completed its 600 The farm-out market for the Companys remaining Philippines permits continues to strengthen and Otto has received numerous expressions of interest in this acreage. Otto continues to work towards securing further farm-outs of our acreage in 2010.
Geographic focusing has seen Otto exit the investment of the Cento and Bastiglia blocks in Italy in April 2010.
Otto is debt free, has equity in two producing areas, one offshore oil and the other onshore gas, and a significant interest in high potential Philippine exploration acreage that is attracting attention from the farm-out market. 2010 continues to hold significant promise for our shareholders.
Attached is Ottos Quarterly Report for the period ended 31 March 2010.
All enquiries are to be addressed to Matthew Allen, Chief Financial Officer on +61 8 6467 8800 or e-mail [email protected] com.
OTTO AT A GLANCE

ASX‐listed oil and gas company with significant growth potential.

Production from Galoc Oil Field provides cash flow.

Edirne gas field in Turkey becomes second revenue‐generating asset.

Opportunity rich with substantial exploration prospects and leads in portfolio.
COMPANY OFFICERS
Rick Crabb Chairman
Jaap Poll Non‐exec Director
Ian Macliver Non exec Director
Rufino Bomasang Non exec Director
John Jetter Non exec Director
Paul Moore CEO
Matthew Allen CFO
Emma McCormack Company Secretary