Thalassa Energy Ltd. has successfully been admitted to trading on AIM. Thalassa has one subsidiary, Thalassa Energy Services Ltd (TESL), which was established to acquire marine seismic equipment, specifically a Portable Modular Source System (PMSS). The PMSS will provide the seismic (sound) source to allow exploration and production (E&P) companies to perform oil reservoir monitoring.
Thalassa's market capitalisation at the placing price of £0.50163 is £4,263,855 (or at US$1 per share, US$8.5 million).
Thalassa's reference currency is the US dollar as the oil industry operates in US dollars; however the Company’s shares will be traded in pounds Sterling.
- TESL's end customers will be upstream E&P companies that have established oilfields which are seeking to monitor reservoir flow, depletion and pay zones.
- WGP Projects Limited (WGP) and TESL have entered into an Agreement under which WGP will provide procurement, assembly and operational management services in relation to the PMSS.
- The PMSS will be used in Life of Field Seismic (LoFS), a process using ocean bottom cables or fiber optic networks to produce 4-D (3-D time-lapsed) seismic data to define reservoir fluid-flow.
- The Company has been admitted to trading on AIM and will have a market capitalization at the placing price on Admission of £4,263,855 (US$8,500,000). Thalassa has raised £3,104,626 (US$6,189,073) through the issue of 6,189,073 Placing Shares at a price of £0.50163 (US$1) per Ordinary Share.
- On Admission, Duncan Soukup, the Chairman and Founding Shareholder will be beneficially interested in a total of 2,839,821 Ordinary Shares, which represents approximately 33.4 per cent. of the issued share capital of the Company.
- The net Placing proceeds will be used to purchase the remaining equipment required for completion of a PMSS unit and for working capital purposes.
- Thalassa is headed by Duncan Soukup former founder and Director of Acquisitor Plc, Acquisitor Holdings Ltd. and Baltimore Plc. David Thomas, formerly CEO of MedOil Plc, is a Non Executive Director of Thalassa.
Dowgate Capital Advisers Limited is Nominated Adviser and Ocean Equities Limited is Broker to the Company.
Commenting on the Admission to AIM, Duncan Soukup, Chairman said, "We are delighted to be joining the market at this time in the Company’s development. We anticipate that our admission to the market will help to broaden the Company’s investor base and enhance its profile in the oil services industry."