Update on Gulf of America Asset Monetization Process

• Process attracted interest but no actionable opportunity for GoA Assets
• Focus shifted to SM 71 divestment; GC 21 to be managed separately
• Company remains debt-free with robust balance sheet

Otto Energy Limited (ASX: OEL) announced the outcome of its Gulf of America asset monetization process, which did not result in a sale of its assets as a combined package. The process attracted interest but did not yield an actionable opportunity. The company is now focusing on the divestment of SM 71, while exploring alternative strategies for GC 21. The company remains debt-free and continues to generate free cash flow.