UMC Energy: 37 Pct of 2D Seismic Program Completed

UMC Energy updates shareholders on the progress of the 3000 line kilometre 2D seismic acquisition program over the offshore Petroleum Prospecting Licences (PPL), PPL374 and PPL375, held 100% by Gini Energy Ltd (“Gini”).

UMC Energy holds a 30% interest in Gini, with CNOOC Ltd holding a 70% interest. CNOOC is the Operator of these permits and is funding the entire cost of this survey.

BGP PNG Exploration’s 2D seismic acquisition vessel, the Dong Fang Kan Tan No. 1, to midnight on the 18th of December, 2013, has recorded 1,105.2 line km of 2D data, which represents completion of approximately 37% of the planned 2D survey.

Chris Hart, Technical Director of UMC Energy, stated: “The 2D acquisition project is running smoothly and to schedule, and no safety or environmental incidents have been reported.”

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Press Release, December 19, 2013