17th August 2010. Cyprus:
SeaBird Exploration PLC ('SeaBird" or "SBX") together with our local partners Sonar Limited are pleased to announce the signing of an Interim Agreement with Shell Nigeria Exploration & Production Company Limited for the acquisition of an ocean bottom node seismic survey in Nigeria. The survey will be conducted by the Hugin Explorer with a capacity of 750 proprietary autonomous CASE Abyss nodes onboard and the source vessel Munin Explorer. Mobilization started 12 August in direct continuation from the node survey in the North Sea for Chevron. The survey will commence on the field around mid-September 2010 with an expected duration of approximately 3 months including mobilization and demobilization. The contract is subject to the signing of a final agreement.
Sonar Limited's Vice Chairman Mr. Robert Bakre states "This is another significant boost in applying modern ocean bottom node seismic survey technology to understanding our reservoirs in Nigeria. We are particularly pleased with this opportunity and with our partners SeaBird Exploration; we look forward to delivering world class results to Shell Nigeria Exploration & Production Company Limited and partners".
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
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SeaBird Exploration PLC `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)