Otto appoints Parks as new CEO

Otto Energy Ltd has appointed a new chief executive and chief financial officer, following the resignation of Jaap Poll as managing director.

Dr Poll will remain with the company as an executive director assisting new chief executive and 2006 Young Petroleum Engineer of the Year award winner Alexander Parks, who will start at the company on December 4.

He will be joined by Bruce Elsholz as chief financial officer.

The full text of a company announcement is pasted below

OTTO ANNOUNCES THE APPOINTMENT OF A CEO AND CFO
Highlights
- Otto is pleased to announce the appointment of Mr Alexander Parks as its Chief Executive Officer.
- The Company also confirms the appointment of Mr Bruce Elsholz as its Chief Financial Officer.

Alex Parks
Mr Parks has a Masters of Petroleum Engineering (MEng) degree from Imperial College, London and has been practising as a Petroleum Engineer for almost 10 years in the UK and Australia before joining Otto.

Alex has held senior management positions for the last 5 years in Perth, Western Australia, including Managing Director of Troy-Ikoda Australasia and Technical Director of Geoscience and Engineering for RPS Energy (Australia / SE Asia). Alex has extensive technical and management experience in projects in Europe, North Africa, North America, the FSU, SE Asia (specifically the Philippines), Australia and New Zealand.

Alex recently accepted the prestigious Young Petroleum Engineer of the Year 2006 Award (SE Asia) from the Society of Petroleum Engineers at the AOPGCE in Adelaide. Alex will commence with Otto on 4 December 2006.

Bruce Elsholz
Mr Elsholz has a Bachelor of Commerce from the University of New South Wales and is an Associate of the Institute of Chartered Accountants.

Bruce has been involved in the oil industry as a Financial Controller and Company Secretary for almost 30 years, with companies based in Australia and in Canada. Mr Elsholz has experience with petroleum ventures in many countries world wide including Turkey, the Philippines and in South America (Otto's current areas of activity).

Commenting on the company's appointments, Otto's Chairman, Rick Crabb said: -
"The appointment of a CEO and a CFO marks the Company's growth since listing about 2 years ago. Otto has built an exciting exploration and near-production portfolio which requires an executive team of oil professionals to manage and to guide the Company into its next phase of growth. Otto is expected to become a producer of oil and gas in the Philippines and in Turkey, whilst expanding its significant exploration portfolio.

Dr Jaap Poll will be relinquishing his position as Managing Director and becoming an Executive Director assisting the new CEO. The Company will benefit from Dr Poll's continuing close association with Otto and the new team."