March 30 (Reuters) - Otto Energy Ltd OEL.AX :
* BOARD HAVE RESOLVED TO IMMEDIATELY CUT THEIR DIRECTORS FEES BY 50% FOR NEXT SIX MONTHS
* CLARIFY THAT IT WILL NOT BE 'BUSINESS AS USUAL' GOING FORWARD FOR OTTO IN CURRENT LOW OIL PRICE ENVIRONMENT
* CONTINUE TO WORK WITH MANAGEMENT IN REVIEWING HOUSTON OFFICE STAFF LEVELS