OTTO ENERGY LIMITED — Director's Dealing 2011

Jan 20, 2011

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21 January 2011

Manager of Company Announcements ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

OTTO AT A GLANCE

By E-Lodgement

Appendix 3Y – Change of Director’s Interest Notice

• ASX-listed oil and gas company with significant growth potential.

• Production from Galoc Oil Field provides cash flow.

Please find attached the Appendix 3Y – Change of Director’s Interest Notice for Mr Ian Boserio.

Yours faithfully

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Mr Matthew Allen Company Secretary

Contact:

All enquiries are to be addressed to Matthew Allen, Chief Financial Officer on

+61 8 6467 8800 or email info@ottoenergy.com

• Edirne gas field in Turkey becomes second revenue-generating asset.

• Opportunity rich with substantial exploration prospects and leads in portfolio.

COMPANY OFFICERS

Rick Crabb	Chairman
Paul Moore	Managing
	Director
Ian Macliver	Director
Rufino Bomasang	Director
John Jetter	Director
Ian Boserio	Director
Matthew Allen	CFO/Coy
	Secretary

32 Delhi St (PO Box 1414) West Perth 6005

Email: info@ottoenergy.com

Tel: +61 (0) 8 6467 8800

Fax: +61 (0) 8 6467 8801

Web: www.ottoenergy.com

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Otto Energy Limited
ABN	56 107 555 046

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Ian Martyn Boserio
Date of last notice	13 December 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Mr Ian Martyn Boserio and Mrs Jo-Anne Elizabeth Boserio ATF The HoundDog Trust
Date of change	13 January 2011
No. of securities held prior to change	200,000
Class	Ordinary Shares
Number acquired	130,000
Number disposed	0
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	9.2 cents per share
No. of securities held after change	330,000

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change On-market purchase Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade N/A to proceed during this period? If prior written clearance was provided, on what date was this N/A provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011