Otto Energy : Alaska Sale Update

ASX ANNOUNCEMENT

29 March 2021

ALASKA SALE UPDATE

• ▪ Otto Energy subsidiary Otto Energy Alaska, LLC has now been issued 14,272,592 new Pantheon Resources Plc shares

• ▪ These shares have been quoted to the London Stock Exchange and are escrowed until 30 June 2021.

• ▪ Well test operations are currently underway in the Talitha #A well.

Otto Energy Limited (ASX: OEL) (Otto) is pleased to announce an update on the sale of subsidiary Borealis Alaska LLC to Pantheon Resources Plc (Pantheon) previously announced on 20 January 2021.

Borealis Alaska LLC holds a 10.8% working interest in each of the 16 leases in the Talitha Unit.

Otto Energy Alaska, LLC (a 100% owned subsidiary of Otto) has now been issued 14,272,592 ordinary fully paid shares (PANR: LSE) and these shares have now been quoted to the London Stock Exchange. These shares are escrowed until 30 June 2021. The shares have a current market value of US$ 8 Million1.

Well test operations are currently underway in the Talitha #A well.

Otto looks forward to the ongoing success of the Talitha #A well and like all shareholders we look forward to the Talitha #A well testing results.

Otto Executive Chairman, Mike Utsler, commented: "Otto congratulates Pantheon Resources on their excellent operational performance to date with the Talitha #A well. We wish them good luck with the well test operations in the Talitha #A well and Otto looks forward to being a Pantheon Resources shareholder."

This announcement has been approved for release by Chairman, Mr Mike Utsler, on behalf of the Board of Otto Energy Limited.

1 Based on a 40.5 pence PANR share price and a GBP to US$ exchange rate of 1.3789 as at market closing 27 Mar 2021

Otto Energy Limited ASX Code: OEL ABN: 56 107 555 046info@ottoenergy.comT: +61 8 6467 8800

Australian Office: 32 Delhi Street, West Perth WA 6005 Australia PO Box 1414, West Perth, WA 6872 Australia Houston Office: Suite #1080, Two Allen Center, 1200 Smith Street, Houston, Texas 77002 T: +1 713-893-8894