WGPS Completes Seismic Data Acquisition Survey (Norway)

Further to the Company’s release on 11 June 2012, the Board of Thalassa announced the successful completion by WGP Survey Ltd (“WGPS”) of the seismic data acquisition survey on the Norwegian Continental Shelf for Spring Energy Norway AS (“Spring Energy”).

The completion of the Contract, which comprised the acquisition of six valuable high-resolution 3D data sets over 134 km2 of shallow target anomalies in the Barents Sea, was carried out despite being severely affected by very poor weather in the North Atlantic.

WGP chartered and converted the survey vessel “Atlantic Wind” for this project, with the mobilisation and demobilisation being affected in Stavanger and Tromsø.

Per-Gustav Granholm, Director Exploration of Spring Energy commented:

“Spring Energy has acquired several high resolution datasets in the Barents Sea, using the P-Cable technology, targeting shallow prospectivity. The program was carried out to address resolution in the shallow prospects and presence of possible single or double flatspots. The new data gives a valuable contribution to the prospect evaluation in the area”.

Mark Burnett, CEO of WGP Exploration Ltd commented:

“The success of the survey was as a result of the effort and professionalism of offshore personnel and onshore support teams, coupled with the dedication of the partners involved. The data from which not only has been able to prove the concept for the equipment, but hopefully act as a catalyst to new opportunities”.

Frode N. Eriksen, Manager Fjorgyn commented:

“This survey again shows that the P-Cable system can be used in an efficient and intelligent way. The onboard processing combined with fast deployment and recovery enabled the client to adjust their program for best target coverage during the survey. This is a prime example of the importance of direct contact between the contractor and end user”.

The Board reported that, following the successful survey in unusually challenging conditions, the Company is now in discussions with Spring Energy and other potential clients regarding possible repeat business and expanded operating opportunities in 2013.

WGPS is a joint venture between WGP Group Ltd (“WGP”) and P-Cable 3D Seismic AS (“P-Cable”). The Contract was the first piece of work carried out by WGPS and aptly demonstrates the significant potential that the P-Cable technology will afford to Thalassa’s clients.

Duncan Soukup, Chairman of Thalassa, said: “Completion of the Contract was as a result of the effort and professionalism of offshore personnel and onshore support teams, coupled with the dedication of the partners involved. The data from which not only has been able to prove the concept for the P-Cable system, showcasing how it can be used in an efficient and intelligent way, but hopefully will act as a catalyst to new opportunities for Thalassa”.

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Press Release, October 31, 2012; Image: Spring Energy