Otto Energy Limited announced the following update on the status of the Green #1 well in Matagorda County Texas. Green #1 is the initial exploration well testing the onshore Lightning prospect. The 9 5/8" casing was successfully set and cemented at 11,580 feet (TVD) and as at 6am US Central Time on 24 January 2019 (US Central Standard Time) the well is drilling ahead toward the primary target at 12,023 feet True Vertical Depth. The well is planned to be drilled to 15,500 ft MD/15,500 ft TVD. The Green #1 well is targeting the Frio-Tex Miss sands that are Oligocene in age. This is a prolific section, with significant production and multiple recent discoveries in the region from these sands. The prospect is a slope fan/channel levee system with strong AVO (amplitude variation with offset) support. The prospect has been assessed as having a probability of success of 45%.