• Ice road construction ~85% complete – ice pad build to commence shortly
• Third party rig inspection completed
• Rig mobilisation to commence in approximately 7 days
• Spud scheduled for mid-late February 2019

Otto Energy Limited provides the following update on its oil and gas operations on the North Slope of Alaska.

Construction of the approximately 11 mile ice road to the Winx-1 exploration well location is now nearing completion, with pioneering progress at over 90%, base layer construction at 87% and final top layer (finished) progress at 77%. Ice pad construction will commence immediately upon completion of the ice road ahead of rig mobilisation in early February 2019.

The Nordic Rig#3 recently underwent a 6-day, third party inspection to ensure that rig machinery and equipment are functioning properly and are in accordance with requirements. Only minor issues found, which will be rectified over the days leading up to mobilisation. The rig was found to be in generally excellent condition and passed all major tests, including the ready to drill test.

Winx-1 is located approximately 4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective resource of 400 million barrels of oil (75 million barrels Otto’s 18.75% net revenue interest) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

KeyFacts Energy United States - Alaska country page   l   Link to Otto Energy United States Alaska country page