July 16 (Reuters) - Otto Energy Ltd OEL.AX :
* OTTO ENERGY LTD- BOARD AND MANAGEMENT TEAM COMPLETED EXTENSIVE REVIEW OF CO'S TOTAL COST BASE IN BOTH AUSTRALIA AND UNITED STATES
* OTTO ENERGY LTD- NOW IMPLEMENTED A RANGE OF COST REDUCTIONS FOCUSED ON EMPLOYMENT EXPENSES, CONTRACTING SERVICES, AND GENERAL ADMINISTRATION EXPENSES
* OTTO ENERGY LTD- FURTHER COST REDUCTION OPPORTUNITIES ARE ALSO EXPECTED TO BE PURSUED
* OTTO ENERGY- CURRENT PRODUCTION BASE (EXCLUSIVE OF FORECAST GREEN CANYON 21 VOLUMES) ABOUT 70% HEDGED AT AVERAGE PRICE OF US$50/BBL FOR REMAINDER CY