shan as u say good news5 Jun 2013 13:13
Letter of Intent for Phase 2 Contract in Ecuador
The Board of Thalassa is pleased to announce that, following completion of its first contract with Joint Stock Company Sevmorgeo ("SMG"), the Russian geological sea survey company, and its Ecuadorian subsidiary Sevmorgeo S.A., the Company's subsidiary, WGP Energy Services Ltd, has signed a binding letter of intent to execute a contract in respect of the second phase of the seismic data acquisition surveys to be conducted in Ecuador.
The contract, which is expected to be executed by the end of June, relates to surveys which are planned to commence on 1 October 2013 and continue until 31 March 2014. The Board anticipates that revenues in respect of the second phase will amount to between US$4.0 million and US$5.4 million, depending on the acquisition, standby and downtime incurred.
Thalassa's Chairman, Duncan Soukup, commented: "I am delighted that SMG has agreed to extend the initial contract entered into on 18 January 2013 which will increase the aggregate value of the work in Ecuador to more than US$10.0 million."