The Board of Otto Energy Limited announced Mr. Matthew Allen will step down as from the Board as Managing Director effective immediately by mutual agreement following the completion of his two-year assignment to Houston. Otto's Non-Executive Chairman, Mr. John Jetter, will assume the role of Executive Chairman, during the transition period and Mr. Kevin Small, Executive Director, will continue to oversee the day to day operations of the Company. Jetter will assume the role of Executive Chairman with no change to his current Non-Executive Chairman remuneration.