Exploration/Appraisal

Pantheon Resources

Otto holds approximately 14.3 million shares in Pantheon Resources Plc (LSE:PANR), which is the operator of the recently formed Talitha Unit in Alaska. The Talitha Unit is located on the North Slope where Pantheon holds 100% working interest in its various projects. All projects are located adjacent to the major Trans Alaska Pipeline System (TAPS) and the Dalton Highway. Pantheon recently completed drilling of the Talitha #A well to targeted depth of approximately 3,200 metres. The well has now been logged and testing of four major oil-bearing zones has commenced.

Otto also retains a 0.5% of 8/8ths ORRI over any future production from the Talitha Unit.

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