Reservoir Exploration Technology Wins Work in Nigeria

Reservoir Exploration Technology ASA (RXT), and its local partner Delta Plus Ltd (DP), a subsidiary of Bermuda based Terra Global Ltd, is concluding contract negotiations with Mobil Producing Nigeria for a contract offshore West Africa. With an estimated contract value of US $180 million, the work represents RXT's largest ever marine OBC seismic contract and is expected to take approximately 28 months to acquire.

Under the anticipated contract, RXT/DP will acquire both 4C and 2C OBC seismic data over several producing fields.

The survey will be acquired with RXT's operation 'RXT2', and is scheduled to commence in Q2, 2007. RXT2 comprises the 'Ocean Pearl', which will be complemented by a second vessel for cable handling. Total investment in equipment for the cable handler and additional cables for this second vessel is estimated to around US $12 million in Q2/Q3 2007.