RXT Signs Final Contract Worth USD 41 Million with Afren for Acquisition of 4C Seismic Data Off Nigeria

RXT announces that the final contract with Afren Energy Services Ltd for acquisition of 4C seismic data outside the coast of Nigeria is now signed.

Estimated value of the contract is approximately USD 41 million and duration is estimated to four and half month and the survey will be acquired by the vessels “Ocean Pearl” and “Vikland”. The survey is planned to commence at the end of Q2.

About RXT:

Reservoir Exploration Technology ASA (RXT) is the only marine geophysical company specializing in multicomponent seismic seafloor acquisition. Multi- component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic,and targets improved oil recovery from existing fields. The technology also gives better data quality for appraisal and development, and is also the solution where towed streamers are impractical due to high density of platforms and/or shallow waters. The Company has offices in Oslo, Norway in Rio de Janeiro, Brazil, in Abu Dhabi, UAE and Houston, Texas.

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Source: RXT,June 10, 2011;