The Board is pleased to announce that WGP Exploration Ltd ("WGP") has committed to use components of Thalassa's Portable Modular Source System (PMSSTM) as part of a two month contract between WGP and a US based multi-national oil service company. The contract is to assist in carrying out a seismic survey in the North Atlantic. The survey, including mobilisation, transit and demobilisation, will take four months and is expected to commence in the next few weeks.
Thalassa expects that a deal with WGP, once finalised, should result in revenues which could more than compensate for the discontinued investing activities, as announced in the Company's final results on 11 April 2011.
Thalassa's Chairman, Mr Duncan Soukup commented:
"We are delighted that WGP have again committed to use Thalassa's PMSS™ equipment. WGP have once again proven that their experience in operating in hostile environments is a rare and valuable commodity. This survey also highlights the versatility of Thalassa's PMSSTM equipment"
"We expect this will have a materially positive impact on the Company's 2011 results. Our thanks, as always, go to our operating partner, WGP."
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