Thalassa (di) Regulatory News (THAL)

15 November 2011

Thalassa Holdings Ltd

("Thalassa" or the "Company")

Valhall Contract Update

Successful Completion of Life of Field Seismic Survey

Following the previous announcement on 21 September 2011, the Company's operating partner, WGP Exploration Limited ("WGP"), has completed the fourteenth Life of Field Seismic ("LoFS") survey over the Valhall field. This is the third LoFS at Valhall to be carried out using Thalassa Energy Services Ltd's Portable Modular Source System (PMSS™). The full press release from WGP is reproduced in full below.

Contact:

Duncan Soukup, Chairman Tel: + 33 (0)6 78 63 26 89

Thalassa Holdings Ltd

Antony Legge/James Felix Tel: + 44 (0)20 7776 6550

Daniel Stewart & Company plc

Completion of the LoFS 14 survey on the Valhall field

With LoFS 14 now completed on schedule and without incident this closes another successful year of operating the portable source system for BP Norge AS, operator of the Valhall Field.

LoFS 14 was WGP's third operational survey of the Valhall field utilising the source sub-arrays of Thalassa Energy Services' Portable Modular Source System (PMSS™). The PMSS™ was mobilised onto M/V Stril Myster, a field platform supply vessel that is converted into a seismic source vessel for the duration of the project.

The Valhall complex, located in the Norwegian sector of the North Sea, consists of six separate steel platforms and additional two unmanned flank platforms with a total of 45 production wells and has an estimated production life until 2050. In 2003, Ocean Bottom Cable was trenched into the seabed to create a 45km2 survey area. The LoFS operations provide high quality data mapping over time, which are designed to enhance the recovery rates at this highly active field by improving the placement of production wells as well as supporting the water injection program. WGP excels in creating seismic solutions to the upstream oil and gas industry and has contributed to BP's Valhall LoFS program by generating efficient solutions for Permanent Reservoir Monitoring.

Marcus Smith, WGP's Operations Manager commented, "Once again the survey had its challenges with various Simultaneous Operations taking place in the survey area, some different to those previously encountered. With excellent communications from our personnel on-board the Stril Myster with the Valhall installation and other vessels in the area we have maximised our data coverage over the field and encountered minimum standby time while doing so".

Thanks must also be given to the crew of the Stril Myster and Simon Mokster Shipping who continue to work closely with WGP to achieve these excellent results. We now look forward to returning to Valhall in 2012 for LoFS 15".