Otto Energy Limited provided the following additional information relating to the operational update in relation to the Vick #1 Wilcox exploration prospect that it is participating in, located onshore in Texas as announced on 4 January 2021. The Vick #1 well, in Lavaca County, Texas, operated by Forza Operating, LLC (Forza) was drilled to a depth of 9,242' TVD on December 22nd, 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 MM in total.