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Otto Energy Ltd (ASX:OEL) Comments on release concerning Philippine Service Contracts

Comments on release by BioProspect Limited in relation to Service Philippines Offshore Service Contracts 55 and 69
 
Otto Energy Ltd (ASX: OEL) wishes to comment on a release made today by BioProspect Limited (ASX: BPO) in relation to Philippines offshore Service Contracts 55 and 69:
 
- Frontier Gasfields Pty Ltd does not currently have a direct or indirect working interest in either Service Contracts 55 nor 69 and is not party to the BHP Billiton farm-in option to be carried on any exploration drilling

- BHP Billiton is not yet required to exercise its farm-in option to enter Service Contract 55

- The Service Contract 55 joint venture has not committed to undertake drilling operations in the permit and is not required to commit to drilling until it enters Sub Phase 4 of the Service Contract in August 2011

- Otto Energy Ltd, as Operator of Service Contract 55, is focused on interpretation of the recently acquired 3D seismic volumes, which did not cover the Marantao prospect
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