Otto Announces First Gas from Edirne Licence

Source: www.gulfoilandgas.com 4/9/2010, Location: Europe

Otto Energy Limited is pleased to announce with its partners, TransAtlantic Exploration Mediterranean Int. Pty. Ltd., a subsidiary of TransAtlantic Petroleum Ltd (TEMI) and local Turkish company Petraco, that first sales gas has been delivered into the BOTAS national gas grid. This completes the first phase of activity comprising the discovery and development of eight individual gas accumulations within the Edirne Licence in the Thrace Basin of the European part of Turkey.

Commissioning and optimisation of the Edirne Gas Plant will be ongoing over the coming weeks with expected steady state production post commissioning to be in the range of 10 14 mmscf per day.

Gas production from the Edirne licence will be sold via dedicated sales arrangement to AKSA Dogalgaz Toptan Satis A.S. Otto has elected not to participate in the Gas Plant ownership and will pay a processing fee to the Joint Operators.

Otto is proud to have been part of this successful development, which was the foundation asset upon which the Company was listed in 2004. The efforts of the many people who have contributed to this development over the intervening years are greatly appreciated.

The Edirne Joint Venture partners comprise Otto, which holds a 35% interest in the Edirne Licence and Joint Operators TEMI (55%) and local Turkish company Petraco (10%).


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