Otto Energy Limited (ASX: OEL) (Otto) is pleased to announce that Talitha A# well Operator Pantheon Resources has provided an Operations update in relation to the well.

Attached to this announcement is the Pantheon Resources Operational Update.

Otto previously announced on January 20th 2021, that it had agreed to sell subsidiary Borealis Alaska LLC containing a 10.8% WI in the Talitha Unit to acreage Operator Pantheon Resources in exchange for 14,272,592 shares in Pantheon Resources Plc (London Stock Exchange: PANR) with the sale subject to Alaskan DNR approval. These shares are subject to a lock up period through 30 June 2021.

These shares are valued at approximately US$8.5 MM as at 16 February 2021.

Otto Executive Chairman, Mike Utsler, commented: 'Otto congratulates Pantheon Resources on the success of this well to date and we wish them good luck with the upcoming well test operations. Otto shareholders should be encouraged by this result.'

Contact:

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