Otto Energy Limited advises that the Nordic Rig#3 commenced drilling of the Winx-1 exploration well on schedule at 15:15 on the 15th February 2019 (AK time).

The well was drilled to 600ft prior to pulling out of hole to pick up the smart bottom hole assembly with logging while drilling tools attached. At 11:45 17th February (AK time), Nordic Rig#3 was drilling ahead at 880’. The forward plan is to deepen the hole to ~2,500ft before setting surface casing. See schedule attached for additional details.

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.

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