Thalassa Energy Intends to Trade on AIM
Thalassa Energy Ltd announced its intention to admit its ordinary shares to trading on the AIM market of the London Stock Exchange. Thalassa has one subsidiary, Thalassa Energy Services Ltd, which was established to acquire marine seismic equipment, specifically a Portable Modular Source System. The PMSS will provide the seismic source to allow exploration and production companies to perform oil reservoir monitoring.
TESL intends to contract with energy majors either directly or through multi-national contractors. The end customers will be E&P companies that have established oilfields, seeking to monitor oil reservoir flow and depletion. WGP Projects Limited and TESL have entered into an Agreement under which WGP will provideprocurement, assembly and operational management services in relation to the PMSS. The PMSS will be used in Life of Field Seismic, a process using ocean bottom cables or fiber optic networks to produce 4-D seismic data to define reservoir fluid-flow. The Company is seeking to be admitted to trading on AIM and will have a market capitalization on Admission of US$8,500,000. Thalassa has raised US$6,189,073 through the issue of6,189,073 Placing Shares at a price of US$1 per Ordinary Share. Duncan Soukup, the Chairman and Founding Shareholder holds 2,310,927 existing ordinary shares, following conversion of a loan to fund capital expenditure, costs of incorporation and transaction costs of the Company. Duncan Soukup, has subscribed for 528,894 Placing Shares under the Placing. On admission, Mr Soukup will be beneficially interested in33.4 per cent. of the total Share Capital. The net Placing proceeds will be used to purchase the remaining equipment required for completion of the PMSS and for working capital for the Company. Thalassa is headed by Duncan Soukup former founder and Director of Acquisitor Plc, Acquisitor Holdings Ltd. and Baltimore Plc. David Thomas, formally CEO of MedOil Plc, is a Non Executive Director of Thalassa.
Commenting on the AIM float, Duncan Soukup, Chairman said, "The Admission to AIM will allow Thalassa to access capital and help to broaden the Company's investor base and enhance its profile in the oil services industry."