OHM Makes Rock Solid Acquisition

OHM has conditionally acquired RDSP Acquisition, Inc, the holding company of Rock Solid Images, for a total consideration of approximately £10.4 million. Headquartered in Houston, Texas, the RSI Group is an industry leader in the integration of fundamental rock physics with well and seismic data. Together OHM and the RSI Group intend to develop methods of adding CSEM data to this rock physics framework in order to provide clients with the best possible geologic insight and reservoir understanding. The Company has also conditionally raised approximately £7.6 million (before expenses) in a placing of new Ordinary Shares to fund the cash element of the consideration for the Acquisition and to provide working capital related to the Acquisition.


--Conditional acquisition of RDSP Acquisition, Inc, the holding company of Rock Solid Images, for approximately £10.4 million to be met through a mix of cash and new Ordinary Shares

--RSI is an industry leader in the application of rock physics for integrating and calibrating seismic and well data to reservoir properties at all stages of the oilfield lifecycle

--KBC Peel Hunt has conditionally placed 2,765,573 new Ordinary Shares to raise approximately £7.6 million before expenses at a price of 275 pence per share which represents a discount of approximately 1.0 percent to the five day average closing price of approximately 277.8 pence

--CGGVeritas has also exercised its right to conditionally subscribe for 827,986 new Ordinary Shares at a price of 240 pence per share. CGGVeritas' holding following the subscription will be equivalent to approximately 15.0 percent of the Enlarged Issued Ordinary Share Capital

--EGM proposed to be held on August 10, 2007 is to be adjourned by the Chairman until 10.00 a.m. on August 17, 2007 to be held at the offices of KBC Peel Hunt at 111 Old Broad Street, London EC2N 1PH

--Application will be made for Admission and it is expected that dealings in the Placing Shares will commence at 8.00 a.m. on August 20, 2007

--Following completion of the Acquisition, the Placing and the Subscription, the total number of Ordinary Shares in issue will be 42,637,148

Dave Pratt, CEO of Offshore Hydrocarbon Mapping plc, said:
"The acquisition of Rock Solid Images brings together two leaders in the reservoir imaging field. We have been collaborating together for over a year on initiatives to integrate CSEM data into Rock Solid Images' geologic models and initial feasibility work carried out on a North Sea dataset has yielded exciting results. Together, we will be able to accelerate research and development in this area and intend to secure the ownership of intellectual property rights developed in this field. This acquisition, together with our strategic alliance with CGGVeritas, announced in July, will enable us to develop and implement leading technological solutions arising from the combination of CSEM and seismic data."