MOVING TO DRILL ALASKA NORTH SLOPE‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

INVESTOR PRESENTATION

Matthew Allen, Managing Director and CEO

September 2016

Compelling Investment Opportunity

Targeting 650 Million Barrel Prospective Resource (100%) with first 2 wells

• Proven Light Oil in Conventional Reservoirs

  Recent 3D seismic has delineated trapping mechanisms, and legacy wells confirm the presence of light oil in conventional and unconventional reservoirs. Modern recovery techniques such as horizontal drilling and fracture stimulation will assist commercialisation.

• Large Prospect Inventory

  Large inventory of conventional exploration and appraisal drilling candidates confirmed on first ever 3D seismic in this area. The 3D data has been acquired acreage-wide. Latest and largest 3D seismic survey expected to materially enhance the prospect inventory beyond what has already been delineated.

• Imminent Drill Campaign

  Preparing for Q1 2017 and 2018 multi-well campaign. Plan to drill 2-4 wells in 2017 with some wells containing up to 4 target intervals thereby reducing risk and increasing tested volume. Near-term drilling will be keyed off a legacy well which contained oil bearing sands in analogous discoveries nearby.

• Low-risk Capped Cost Exposure

  Otto exposure on first 3 wells limited to US$2.6M/well.

• Infrastructure Access

Trans-Alaska Pipeline System (TAPS) runs directly through acreage as does the Dalton Highway.

2 Investor Update Presentation, September 2016

Otto's Position in Alaska

Adjacent Largest Oil Fields In North America

Repsol/Armstrong

East Alpine Oil Field delineation 2 wells 2015

Field Area 80 sqkm

Oil sands in excess 90' thick Depth 6500' 15-25% porosity

Repsol/Armstrong Nanushuk Development 650' gross, 150' net oil pay

Depth 4100' 22% av porosity Contingent reserve 0.5-3.7 Bbbls Estimated production 120k bbls/d

8%

Interest

2,387 square km of prime acreage adjacent north slope production.

First 3D seismic acquisition south of major oil fields.

10.8%

Interest

volumes quoted: oil originally in-place

3 Investor Update Presentation, September 2016

Progress Toward 2017 Drilling

Low-risk stacked prospects defined for drilling

Risk and rank prospects from current 3D seismic

Develop 2017 well program

Secure rig and LLI's

Build drilling locations

DRILL IN 2016-2017 NORTHERN WINTER SEASON

2016 Q2 Q3 Q4 Q1

2017

2017

• Focused strategy to drill 2-4 wells in conventional reservoirs in 2016-2017 season

• Operator working to secure long lead items and rig

• Obtain dedicated rig to drill primary wells and have option to test with a separate unit

4 Investor Update Presentation, September 2016