Cyprus, 14 December 2011
SeaBird Exploration PLC ('SeaBird' or 'SBX') is pleased to provide a contract update regarding its business activities as set out below;
Phase 1 of the Osprey Explorer multiclient survey in Gulf of Mexico was completed in September 2011 (approximately 8,000 km), and we are pleased to report that the first sale under the master license agreement has been concluded. The sale agreement includes a further uplift value should there be a license awarded or a PSA entered into covering the data acreage acquired within 5 years. In addition, Seabird now has 50% pre commitment for Phase 2 of the survey, consisting of about 3,500km, scheduled for commencement in Q1-12. SeaBird is confident that sales to other oil companies will follow.
As briefly indicated in the Q3-11 report and presentation, Aquila Explorer is carrying out a non-exclusive multiclient survey in the Philippines for Searcher Seismic in cooperation with the Philippines Department of Energy. The survey commenced late November 2011 using state of the art acquisition and processing capabilities to ensure the resulting dataset is of the highest quality. A full suite of deliverables will be produced during the processing to allow for further studies such as basin modeling, AVO and inversion. The survey has been designed to better define the tectonic framework of the Philippines' most important petroleum basins and to improve the imaging of the lower sedimentary sections and basement.
The Hawk Explorer is currently demobilizing from her survey in West Africa, and will then mobilize late December to Brazil for the first survey under the Spectrum Frame Agreement (FA) reported in May 2011 for an initial minimum survey area of 5,000 km. The terms of this FA are that Spectrum will commit to SeaBird for USD 23 million value of 2D data acquisition within 36 months, of which 50% shall be committed within the first anniversary of the FA.
Harrier Explorer, as reported in the Q3-11 report, is undergoing her scheduled 2011 docking and will then be rigged with a long offset streamer and subsequently enter into the 12 month charter with Fugro under the SPA agreement.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
SeaBird Exploration PLC "SeaBird" is a global provider of marine acquisition for 2D and 3D seismic data, 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/deep water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.