Cyprus: SeaBird Provides OBN Contract Update
SeaBird Exploration PLC provides a contract update regarding its business activities as set out below;
Immediately following completion of the Rosebank second stage survey for Chevron North Sea Limited and Partners expected mid August, a contract has been signed for the Hugin Explorer and Munin Explorer to carry out a 4C NODE survey of approximately two to three weeks duration in the Norwegian Sea for ExxonMobil Exploration and Production Norway AS as the PL596 operator. This is a pilot survey utilizing the SeaBird’s proprietary NODE operation and data acquisition technology to characterize sub-basalt structures which are difficult to image with other seismic technologies. The data acquired will remain in the ownership of SeaBird for 10 years, together with show rights.
The approximate value of this contract is US$3.6m, with additional revenue potential from farm-in rights and/or for buyout of data ownership.
ExxonMobil Exploration & Production Norway AS 35%
E.ON Ruhrgas Norge AS 20%
Bayerngas Norge AS 15%
RWE Dea Norge As 15%
Spring Energy Norway AS 15%
Source: SeaBird, August 4, 2011