UMC Energy Completes PNG 2D Seismic Survey

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, has successfully completed the 2D acquisition project on the 3rd of January, 2014, recording a total of 3015 line kilometres of 2D seismic data over the Company’s offshore permits in Papua New Guinea.

Chris Hart, Technical Director of UMC Energy, stated “The 2D acquisition project was completed without incident and ahead of schedule. Processing of the 2D data is expected to be undertaken by CNOOC over the coming months.”

Press Release, January 06, 2014