WGP Exploration Press Release

Thalassa Holdings Ltd

("Thalassa" or the "Company")

WGP Exploration Press Release

Further to the Company's regulated announcement of 10 August, the Company's partner WGP Exploration Limited released a press release regarding its ongoing operations over the Valhall field in the North Sea. That press release 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

M/V Stril Myster, Valhall, 20th September 2011

WGP Exploration Ltd is pleased to announce operations of the third Life of Field Seismic (LoFS) survey over the Valhall field in the North Sea. The survey was mobilised on August 23 and is now nearing completion.

In 2003 Life of Field Seismic was permanently installed with 120kms of Ocean Bottom Cable over the Valhall field. In 2010 BP contracted WGP to continue the provision of the precisely positioned source sub-arrays. This is necessary to maintain the high level of repeatability required for an effective Permanent Reservoir Monitoring (PRM) project. Now in its ninth year, and its 14th survey, the Valhall LoFS project continues to provide high quality data mapping over time, which affords BP analysts vital insight into the geophysical and fluid movements of the field.

WGP has again utilised Thalassa Energy Services Ltd's (TESL) containerised seismic source system which was fully installed during a 4 day mobilisation period onto the back deck of the M/V Stril Myster.

Marcus Smith, WGP's Operations Manager, commented, "The financial, technological and logistical benefits of using Thalassa's Portable Modular Source System (PMSS™) to convert a regular and available Valhall field platform supply vessel into a highly capable seismic source vessel twice a year, or whenever required, speak for themselves. Combined with WGP's industry leading experience with this field of niche seismic exploration and our commitment to safe and efficient operations at all times we look forward to another high worth survey completion by mid-October."