Thalassa Holdings Limited Letter of Intent for Phase 2 Contract In Ecuador (2946G)
05 Junho 2013 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 2946G
Thalassa Holdings Limited
05 June 2013
4 June 2013
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Letter of Intent for Phase 2 Contract in Ecuador
The Board of Thalassa is pleased to announce that, following
completion of its first contract with Joint Stock Company Sevmorgeo
("SMG"), the Russian geological sea survey company, and its
Ecuadorian subsidiary Sevmorgeo S.A., the Company's subsidiary, WGP
Energy Services Ltd, has signed a binding letter of intent to
execute a contract in respect of the second phase of the seismic
data acquisition surveys to be conducted in Ecuador.
The contract, which is expected to be executed by the end of
June, relates to surveys which are planned to commence on 1 October
2013 and continue until 31 March 2014. The Board anticipates that
revenues in respect of the second phase will amount to between
US$4.0 million and US$5.4 million, depending on the acquisition,
standby and downtime incurred.
Thalassa's Chairman, Duncan Soukup, commented: "I am delighted
that SMG has agreed to extend the initial contract entered into on
18 January 2013 which will increase the aggregate value of the work
in Ecuador to more than US$10.0 million."
Contacts:
Thalassa Holdings Ltd:
Duncan Soukup, Executive Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated adviser):
Chris Fielding, Head of Corporate Finance 020 7220 1650
www.thalassaholdingsltd.com
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company with a focus on marine
seismic operations. The corporate strategy for the Group is
"Exploration and Beyond". "Exploration" is focused on activity in
frontier and challenging locations, whilst "Beyond" focuses on
production activity by looking to secure opportunities in the
permanent reservoir monitoring market. Thus activity and focus will
be dominated by projects in remote and challenging frontier
locations, coupled with lower risk projects in mature producing
regions.
Alongside the technical expertise and consultancy in marine
seismic operations provided through its subsidiary, WGP, the Group
owns and operates two portable modular source systems (PMSS(TM)).
The PMSS(TM) generates a seismic source for use in seismic
acquisition in petroleum exploration and production. The equipment
is temporarily installed on the back of a platform supply vessel
for the purposes of acquiring data.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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