Otto Energy Limited provided the following operational update in relation to the Vick #1 Wilcox exploration prospect that it is participating in, located onshore in Texas. The Vick #1 well, in Lavaca County, Texas, operated by Forza Operating, LLC was drilled to a depth of 9,242' TVD on December 22nd, 2021 (US Central Standard Time (CST)) and subsequently has been logged and cored across multiple intervals. The well encountered a total of 12 feet of net pay in the shallower Yegua formation as expected.

In the Wilcox sand targets, the well encountered 16 feet of net pay. The Wilcox was encountered across three separate sands as expected. The completion is expected to cost Otto USD 0.1 million in total.

Vick #1 well, within the Eaves Prospect in Lavaca County, has finished drilling, logging, and evaluation. The well has encountered gas/condensate pay in the shallower Yegua objective and gas/condensate pay across three separate sands in the Wilcox formation. As a result, the partners have approved and run production casing and preparations to complete the well as a producer in the Wilcox formation are underway.

The well is estimated to commence production during early first quarter 2022.