Green Canyon 21

On 29 March 2019 Otto announced that it has entered into a joint venture with Talos Energy (NYSE: TALO)
which will see it earn a 16.67% working interest in the Green Canyon 21 (GC-21) lease in the Gulf Mexico
through paying 22.22% of the cost of the drilling of the “Bulleit” appraisal well in GC-21. The well was to be
drilled by Talos Energy, a highly experienced Gulf of Mexico operator based in Houston. Talos had the Noble
Don Taylor drillship contracted to undertake the drilling of the Bulleit prospect.

The “Bulleit” appraisal well commenced drilling on 6 May 2019. On 13 June 2019, The Company announced
that the upper target, the DTR-10 sand, was intersected and a commercial outcome was confirmed.
On 8 August 2019 Otto announced that the GC 21 “Bulleit” well, operated by Talos Energy, Inc (“Talos”) (NYSE:TALO) had been successfully drilled to Total Depth. The well drilled through the deeper exploration target, the MP sands, after intersecting oil pay in the shallower DTR-10 sand package as announced to the ASX on 13 June 2019.

The well intersected the following discovered intervals:

             - DTR-10 interval –net 140 feet of TVD oil pay encountered; and
             - MP interval – approximately net 110 feet of TVD oil pay expected to be delivered in high quality reservoir consistent with analogue wells in the GC18 field.

Development planning is ongoing with the plan tabled to JV as announced on 4 October 2019. Talos
will complete the well as a subsea tieback with a smart completion; tying back to the Talos
operated Green Canyon 18 (GC 18A) Platform approximately 10 miles (~16 km) west of the "Bulleit" well. Completion of the “Bulleit” well is expected by mid-2020 with first production in late Q3 2020.

About Talos Energy

Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. Talos’s focus in the United States Gulf of Mexico is the exploration, acquisition, exploitation and development of shallow and deepwater assets near existing infrastructure. The shallow waters off the coast of Mexico provide Talos with high impact exploration opportunities in an emerging basin. The Company's website is located at www.talosenergy.com.