THAL Thalassa Holdings Limited

 

TIDMTHAL 
 
RNS Number : 9128T 
Thalassa Holdings Limited 
06 October 2010 
 
                              Thalassa Holdings Ltd 
     ("Thalassa" or "the Company", Ticker Reuters THAL.L Bloomberg THAL LN) 
 
                              Contract Win Update 
          WGP successfully completes BP LoFS no.12 survey at Valhall: 
 
Further to the announcement made by the Company on 11 June 2010 in respect of 
the contract win with BP Norse AS by  WGP Group ("WGBP"), the operating partner 
of Thalassa's Portable Seismic Source System,  WGP yesterday released the 
following press statement: 
 
"Stavanger, Norway - 07.09.10. WGP is able to announce the successful completion 
of BP's Valhall Life of Field Seismic (LoFS) no. 12 survey on time and in 
budget. The M/V Stril Myster has been fully demobilised and returned to supply 
vessel duties for BP. 
 
In 2003 BP installed its LoFS Ocean Bottom Cable (OBC) array and contracted WGP 
to design the source system. 8 years and 11 repeat surveys later, WGP was 
contracted to install and operate the same Portable Source System (PMS), now 
owned and provided by Thalassa Energy Services Ltd (TESL), to continue to supply 
the precisely positioned source sub-arrays necessary to acquire the survey data 
to the highest technical standards with the unmatched repeatability required to 
maintain and expand upon the quality of the Valhall LoFS 4D database. 
 
Marcus Smith, WGP's Operations Manager, commented, "Having been contracted to 
provide the seismic source for BP's Valhall LoFS project, WGP's aim is to 
provide safe, efficient and flexible surveys for the client to ensure the 
continuing  high value of LoFS. Despite the complications arising from both the 
weather and time-sharing on a busy prospect in the North Sea during the summer 
seismic window, WGP's experienced approach to such operations and familiarity 
with this technology enabled the Company to meet and surpass BP's exacting 
requirements on time and in budget. It was imperative to demonstrate WGP's 
capabilities and retain client confidence during the completion of this first 
survey.  With zero lost-time incidents and an average 186km shot per day during 
operational periods the Company is proud of the achievement which creates a 
great foundation to build the subsequent surveys on." 
 
The Valhall LoFS shooting area consists of 179 shot lines spaced 50m apart with 
an average shot-line length of 14.2km, over 13 permanently installed and 
trenched receiver lines of GERI OBC. The total number of shots during the LoFS 
12 survey was 51,697, an average of 3730 shots per day. 
 
WGP was awarded the 3.5 year, 7 repeat surveys, contract after providing a 
competitive bid and scoring highly in a rigorous BP HSSE audit. The next phase 
of BP Valhall LoFS is due to commence in 2011." 
 
ENDS 
 
Notes to Editor: 
Thalassa Energy Services: 
Whose parent company, Thalassa Holdings Ltd is an AIM list company (LON:  THAL), 
which was established to acquire marine seismic equipment, specifically a 
portable modular source system (PMSS). The PMSS is equipment, which is focused 
on installation on a vessel in order to provide the seismic (sound) source to 
allow exploration and production companies to perform reservoir monitoring. PMSS 
is used in Life of Field Seismic (LOFS), a process using ocean bottom cables or 
fiber optic networks to produce four-dimensional (4-D) seismic data to define 
reservoir fluid-flow. 
 
www.thalassaenergyservicesltd.com 
 
+---------------------------------------+----------------------------------+ 
| Contact Thalassa Holdings             |                                  | 
| Limited:                              |                                  | 
+---------------------------------------+----------------------------------+ 
| Duncan Soukup, Executive              | Tel: +33 (0) 6 78 63 26 89       | 
| Chairman                              |                                  | 
+---------------------------------------+----------------------------------+ 
| Duncan.soukup@thalassaholdingsltd.com |                                  | 
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|                                       |                                  | 
+---------------------------------------+----------------------------------+ 
| Contact Daniel Stewart & Company      |                                  | 
| plc (NOMAD):                          |                                  | 
+---------------------------------------+----------------------------------+ 
| Oliver Rigby                          | Tel: + 44 (0) 20 7776 6550       | 
+---------------------------------------+----------------------------------+ 
|                                       |                                  | 
+---------------------------------------+----------------------------------+ 
| Contact Bishopsgate                   |                                  | 
| Communications Ltd:                   |                                  | 
+---------------------------------------+----------------------------------+ 
| Maxine Barnes/Nick Rome               | Tel: + 44 (0) 20 7562 3350       | 
+---------------------------------------+----------------------------------+ 
 
 
WGP Group - Company Profile 
 
The WGP Group is a British marine geophysical services organisation based in the 
South West of the UK delivering a wide range of technologies and services 
throughout the global oil and gas industry.  Established in 1994 as a bespoke 
project management and geophysical services company, the company has experience, 
capability and offers the following services: 
 
·     Marine 2D Data Acquisition 
·     Life of Field Seismic (4D) 
·     Ocean Bottom Seismic 
·     Portable Seismic Source 
·     Magnetic & Gravity Equipment & Acquisition 
·     Geophysical Project Management 
 
 
Key Operational Highlights 
 
As a niche market company, WGP has built on its reputation as a nimble reactive 
organisation coupled with the knowledge, experience and skill set,  necessary to 
operate in the global E&P sector.   Recent key operational highlights which 
demonstrate the company's range of services and illustrate the challenging areas 
we've operated in, include: 
 
·     Since 2006 - ongoing contract, management of the world's largest ongoing 
4D / 4C OBC (Life of Field Seismic) project, CARSP (Chirag, Azeri, Reservoir 
Seismic Project) offshore Azerbaijan on behalf of BP (Caspian Sea) Ltd. 
 
·     2008 - The most northerly commercial seismic data acquisition survey in 
Baffin Bay (Greenland & Canada) on behalf of TGS-Nopec, acquiring some 8,800km 
of multi-client data. 
 
·     2008 - Acquisition of 5,300km seismic data offshore Somaliland on behalf 
of TGS-Nopec as multi-client data ahead of the Republic's first licensing round 
since declared independence. 
 
www.wgpgroup.co.uk 
 
 
+------------------------------------------+--------------------------+ 
| Contact WGP Group:                       |                          | 
+------------------------------------------+--------------------------+ 
| James Pryor (Sales & Business            | Tel: +44 (0) 1288 322    | 
| Development Executive                    | 000                      | 
+------------------------------------------+--------------------------+ 
| jamesp@wgpgroup.co.uk                    |                          | 
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|                                          |                          | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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