Otto Energy Limited announced that the company’s Chairperson, Mr. John Jetter, has confirmed to the Board, and the Board of Otto has agreed, that he will step down from the role of Chairperson at the coming Annual General Meeting of shareholders in November 2019. Mr. Jetter will remain as a non-executive director and serve on the current Board Committees of which he is a member in order to oversee the seamless transition of the role of Chairperson and the successful delivery of the company's Board renewal which has commenced under his guidance. Mr. Jetter will not seek re-election at the Annual General Meeting in 2020. Mr. Ian Boserio has been nominated by the Board as Chairperson Elect to assume the role vacated at the 2019 Annual General Meeting by Mr. Jetter. In the meantime Mr. Boserio will assume the role of Deputy Chair. Mr. Boserio brings to the role a wealth of oil and gas, strategy and management experience following a long career as a senior executive with Shell. In addition, the company's Non-Executive Director and Audit and Risk Committee Chairperson, Mr. Ian Macliver, has advised the Board that he also will retire upon the appointment of a suitably qualified, independent non-executive director to assume the roles he currently occupies. A process has commenced to identify a candidate for this role and Mr. Macliver has advised that he will retire from the Board of Otto Energy at the time his replacement is appointed, or at the latest by 30 June 2020. The Board renewal process will be an ongoing focus of the Board to ensure that its composition reflects the nature of the business as it evolves from being primarily focused on exploration activities towards development and production activities. As part of the above transition, the composition of the Remuneration and Nomination Committee is now Mr. John Jetter (Chair), Mr. Ian Boserio (Chair elect) and Mr. Paul Senycia. The composition of the Audit and Risk Management Committee remains the same.