RXT Wins Contract for Seismic Survey Offshore West Africa

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has been awarded a contract in West Africa with an international oil company. The survey duration is estimated to be up to 5 weeks. The survey will be acquired with RXT1 and RXT4, and is scheduled to commence in April.

RXT1 M/V Ocean Pearl

According to the contract the oil company will use the data on a license basis, and RXT retains ownership and certain commercialisation and licensing rights. The contract is subject to government approval. RXT is in advanced negotiations with several clients in West Africa and additional work is expected in near future.

About RXT:

Reservoir Exploration Technology ASA (RXT) is the only marine geophysical company specializing in multi component 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, April 13, 2011;

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