The Board of Otto Energy Limited announced that with the review now well progressed, Mr. Mike Utsler, Executive Chairman and Board of the company have mutually agreed to terminate Mr. Utsler's employment contract. Mike will provide consulting services to the Company to ensure a smooth transition and handover. Under Mike's leadership Otto has achieved strong financial performance, as well as the successful commercialization of several new projects including Green Canyon 21 which began production in March of this year.

The Board announced that Mr. John Jetter, who has extensive experience in investment banking as a former senior executive of JPMorgan and who has supported Otto for 15 years both as a former Chairman and as a director will assume the role of Non- Executive Chairman and he and the Board will work closely with Mr. Herod to bring the planned M&A process to a successful conclusion. Mr. Paul Senycia, Non-Executive Director, will be appointed as Deputy Non-Executive Chairman. Mr. Senycia is a seasoned geoscientist with over 35 years of international oil and gas experience in both commercial and technical aspects of the business.

Over the last twenty years Mr. Senycia has accumulated substantial Gulf of Mexico expertise both on the shelf and in the deep water. Up until his retirement on 31 December 2018, Mr. Senycia was the Vice President ­ Exploration and New Ventures for the Company.