BHP Group Limited — Capital/Financing Update 2009

Mar 11, 2009

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ASX ANNOUNCEMENT 12 March 2009

SC 55 FARM OUT CLARIFICATION

Otto Energy at a Glance

Otto Energy ( Otto ) (ASX: OEL) would like to clarify information outlined in its Asia Oil Conference presentation lodged with ASX on 25 February 2009, with respect to the estimated value of the BHP Billiton Petroleum Pty Limited ( BHPB ) farm‐in to Service Contract ( SC ) 55.

• Dynamic ASX‐listed oil and gas company with significant growth potential

• Strong Board & Management

In December 2008, Otto entered into a conditional heads of agreement with BHPB to farm out 60% of its interest in SC55 in consideration for which BHPB agreed to reimburse Otto for back costs and pay the full cost of a 3D seismic programme and the drilling of two deep water exploration wells.

Otto has estimated the value of this farm‐out to be approximately USD150 million, based on the mid point of the estimated value of the consideration offered under the heads of agreement. A breakdown of the costs estimated by Otto are noted below:

• Back costs re‐imbursement and 3D seismic – USD15 ‐ 30 million; and

• Two deep water wells (>500 metres water depth) ‐ USD100 ‐ 150 million.

The range of costs has been estimated by Otto based on market benchmarks as at the date of the heads of agreement. The Company notes actual costs will be dependent on market rates at the time activities are undertaken, which may be more or less than this estimate. Otto also notes that the cost estimates above have not been endorsed by BHPB.

The BHPB heads of agreement is conditional on finalising farm‐out and joint operating agreements and obtaining all necessary government and joint venture approvals. These agreements and approvals are currently being negotiated and necessary approvals being sought.

• World class projects across 4 countries

• Production from Galoc Oil Field to provide cash flow

• Opportunity rich with 8 discoveries, 20+ prospects and more than 60 leads in portfolio

• Upcoming activity in 2009 including oil revenues, farm‐outs and drilling program which offer significant value creation for investors

COMPANY OFFICERS

Rick Crabb Chairman Jaap Poll Non exec Dir Ian Macliver Non exec Dir Rufino Bomasang Non exec Dir John Jetter Non exec Dir Alex Parks CEO Emma McCormack Company Secretary

Yours faithfully,

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_________________ Alex Parks Chief Executive Officer

INVESTOR / MEDIA INQUIRIES : Jill Thomas, Investor Relations Mgr Tel: +61 8 6467 8803 Email: thomas@ottoenergy.com

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