Otto Energy Limited provided the following update on the Green Canyon (GC) 21 "Bulleit" well. The GC 21 "Bulleit" well, which was recompleted into the DTR-10 sands during March, was producing from the upper DTR-10 completion only. In order to establish flow from the lower DTR-10 sand also, the Seadrill Sevan Louisiana rig was brought back on location and well intervention operations commenced on late April.

The operation was successful in shifting both sleeves over the lower DTR-10 interval open and the well was then opened to flow to GC 18 before the rig was released mid-May. The well is currently flowing to the GC 18 platform at approximately 1,400 bbl/d oil and 1,000 Mscf/d gas. Early results are encouraging regarding reserve recovery expectations.

Otto will continue to update the market on the performance of the well as appropriate. Preliminary field estimates by the operator for the costs incurred on this lower sand well intervention total approximately USD12.8 million (8/8ths) (USD2.1 million, net to Otto), which is significantly lower than previous estimates. Otto plans to pay its share of this cost out of existing cash reserves.

Otto holds a 16.67% WI /13.33% NRI in the GC 21 lease.