Spectrum has received a 90 day notice of cancellation of the contract with GX Technology (GXT), a subsidiary of ION Geophysical Corporation, dated January 6, 2009 under the terms of the contract signed in July 2008. The contract for the acquisition of 2D seismic data within GXT's BasinSPAN program was originally expected to end in June 2009, although there was an option for a 12 month extension. Spectrum will then seek new opportunities within the Asia Pacific region for the GGS Atlantic.
GXT hope that the GGS Atlantic will continue working on their program(s) following the notice period but given the recent developments in the market they are unable to commit beyond the notice period at this time. Both parties have agreed to continue positive dialogue during and beyond the notice period.
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