RXT to Conduct OBC Survey Offshore Nigeria

Reservoir Exploration Technology ASA (RXT) and its local partner Delta Plus Ltd (DP) are concluding contract negotiations with a super-major oil company for an ocean-bottom seismic (OBC) program offshore Nigeria. The estimated contract value is USD 16 million, and the expected survey duration is two months.

Under the anticipated contract, RXT/DP will acquire OBC over a producing field offshore Nigeria. The survey will be acquired with RXT's operation RXT2. It is scheduled to commence in Q2, 2007, before the earlier announced survey for Mobil Producing Nigeria.

DP is a subsidiary of RXT's partner for West Africa, Terra Global Ltd.

Reservoir Exploration Technology ASA (RXT) is a marine geophysical company specializing in multi-component seismic sea-floor acquisition. Multi-component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and it is the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston.

Bermuda-based TG Ltd has built and operates exploration services companies in West Africa. The company establishes technology and marketing agreements with leading technology providers and promotes the technology in joint venture with the provider through its West African operations. Central to TG's business strategy is building local content in emerging markets. TG has signed a long-term marketing and technology agreement with RXT for West Africa business opportunities.

Company: Reservoir Exploration Technology more info
 - RXT Bags OBC Survey for Statoil Field (Jan 13)
 - RXT Plans to Strengthen Capital Structure (Mar 08)
 - RXT Gets Environmental License for Brazil Seismic (Jan 26)
Company: Terra Global Ltd. more info
 - RXT to Conduct OBC Survey Offshore Nigeria (May 16)
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