Otto Energy Limited (ASX:OEL) Service Contract 55, Philippines Revisions Granted

Perth, April 29, 2010 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL) (PINK:OTTEF) through its wholly owned subsidiary NorAsian Energy Limited is pleased to advise that the Philippine Department of Energy (DOE) approved amendments to the work program and budget within Service Contract 55. The revised work program and budget requires the following activity to be executed:

- Sub-Phase 3 (5 Aug 2009 to 5 Aug 2011) - 3D seismic program (completed in March 2010)

- Sub-Phase 4 (5 Aug 2011 to 5 Aug 2012) - 1 well

- Sub-Phase 5 (5 Aug 2012 to 5 Aug 2013) - 1 well

In addition, as previously advised, the DOE has granted an increase in the Service Contract area by an additional 880 km2 of previously unlicensed acreage partially covered by the recently acquired 3D seismic. The revised permit area is outlined in the attached map (see link at the bottom).

Otto, NorAsian and its partners are proud to continue our excellent working relationship with the DOE as we progress the exploration program in Service Contract 55. This permit exposes the shareholder of Otto to high impact exploration potential in the Philippines.

For the complete Otto Energy Limited announcement including the map, please click the following link:

http://www.abnnewswire.net/media/en/docs/62721-ASX-OEL-488945.pdf

Contact

Matthew Allen Chief Financial Officer Tel: +61-8-6467-8800 Email: info@ottoenergy.com