Otto Energy Limited provided an update on the Green #2ST development well which has finished drilling at the Lightning field onshore Matagorda County, TX. The Operator, Hilcorp Energy (Hilcorp), has reached total depth and obtained encouraging Quad-combo LWD (Logging while drilling) Gamma Ray, Resistivity, Density and Neutron Porosity over the target intervals which are similar in character and potentially greater in thickness than the initial responses in the Green #1 productive well. This log data indicates 146 feet of pay over seven different sand intervals. The petrophysical evaluation has been undertaken using historical parameters for production performance in the play trend. Depending upon porosity and water saturation cutoffs applied, there is the potential for up to an additional 175' of net pay in the well. The Operator had previously estimated approximately 30 days to sidetrack, log and run production casing at an estimated incremental gross cost of USD 1.5 million. Gross costs to date for the well are currently estimated at approximately USD 9.5 million, compared to a pre-drill AFE gross estimate of USD 8.0 million. Otto owns a 37.5% working interest in this well. The Green #1 well production was shut in during Green #2ST open hole drilling operations from the final casing point. The Green #2ST well has further evaluated the Tex Miss 1 and Tex Miss 2/3 reservoir units that are currently producing from the Green #1 well at the Lightning field. The Lightning Field was discovered in February 2019 and commenced production in May 2019. The Green #1 well achieved steady state production in June 2019 and was producing 11.9 MMscf/d and 360 bbl/d condensate as at 30 September 2019. Completion operations are ongoing which include the running of production casing and preparing the well for production. Production from the Green #1 well has resumed following the successful completion of drilling activities. Subject to successful production testing and evaluation of the reservoirs encountered in the Green #2ST well, the joint venture would consider the potential for additional wells in the field to further develop the extensive area of the Lightning discovery. There is the potential for up to five wells being required to ultimately develop the entire Lightning accumulation, which if drilled, would be funded by internally generated cash flows and recently announced three-year senior secured debt facility with Macquarie Bank.