Completion of disposal
03 Novembro 2010 - 5:00AM
UK Regulatory
TIDMOHM
RNS Number : 5107V
Offshore Hydrocarbon Mapping PLC
03 November 2010
3 November 2010
Offshore Hydrocarbon Mapping plc ("the Company")
Completion of disposal of marine CSEM acquisition business
Further to the announcement dated 1 November 2010, the Company has now completed
the disposal of its marine CSEM acquisition businesses OHM Ltd and OHM Surveys
Sdn Bhd.
Offshore Hydrocarbon Mapping is now a specialist interpreter of seismic, CSEM
and well data. The Company's seismic and well data interpretation skills were
already long established within the Rock Solid Images business, which was
acquired by the Company in 2007. Since then, considerable progress has been made
in the integration of CSEM with seismic and well data and the Company's flagship
WISE product reflects this effort, and has already provided successful results,
most recently for Nautical Petroleum in the North Sea.
Richard Cooper, Offshore Hydrocarbon Mapping's Chief Executive Officer, said:
"The disposal of the marine CSEM acquisition business removes a significant
investment burden from the Company. Nevertheless, we believe that CSEM has a
strong future as an exploration, appraisal and production-monitoring tool, and
we see a real platform for growth for Offshore Hydrocarbon Mapping as the first
independent provider of CSEM integrated interpretation services.
We will continue to have a strong working relationship with our sister CSEM
acquisition business created via this transaction; together we can provide a
seamless CSEM product including survey design, acquisition, processing and
interpretation and where appropriate will jointly market proprietary and
multi-client CSEM surveys and interpretation packages.
Seismic data remains the geophysical tool of choice for subsurface exploration
and exploitation of oil and gas resources. However, the combination of
non-seismic data such as well-logs, CSEM and magneto-telluric (MT) adds value to
seismic and is becoming increasingly important too in areas where seismic alone
provides an incomplete or ambiguous result. Our expertise in seismic, well-logs,
CSEM and MT processing and interpretation positions us to take advantage of
these integration opportunities."
Contacts:
+---------------------------------------+---------------------+
| Offshore Hydrocarbon Mapping plc | www.ohmrsi.com |
+---------------------------------------+---------------------+
| Richard Cooper - Chief Executive | 0870 429 6581 |
| Officer | |
+---------------------------------------+---------------------+
| Bob Auckland- Finance Director | 0870 429 6581 |
+---------------------------------------+---------------------+
| KBC Peel Hunt (Nominated adviser & | |
| Broker) | |
+---------------------------------------+---------------------+
| Julian Blunt / Simon Brown / Harry | 020 7418 8900 |
| Florry | |
+---------------------------------------+---------------------+
| Aquila Financial Ltd (PR) | |
+---------------------------------------+---------------------+
| Peter Reilly | 0118 979 4100 |
+---------------------------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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