Business
First Day Of Dealings On Aim
First Day Of Dealings On Aim.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n RNS Number : 0431A Thalassa Energy Limited 29 July 2008 \n \n29 July 2008\n\nTHALASSA ENERGY LTD\n(AIM: THAL)\n\nFIRST DAY OF DEALINGS ON AIM\n\n£3.1m (US$6.2m) RAISED THROUGH PLACING OF 6,189,073 ORDINARY SHARES AT £0.50163 (US$1) PER SHARE\n\nThalassa Energy Ltd ('Thalassa' or the 'Company') today announces that it has successfully been admitted to trading on AIM. Thalassa has one subsidiary, Thalassa Energy Services Ltd ('TESL'), which was established to acquire marine seismic equipment, specifically a Portable Modular Source System ('PMSS™'). The PMSS™ will provide the seismic (sound) source to allow exploration and production ('E&P') companies to perform oil reservoir monitoring.\n\nThalassa's market capitalisation at the placing price of £0.50163 is £4,263,855 (or at US$1 per share, US$8.5 million). \n\nThalassa's reference currency is the US dollar as the oil industry operates in US dollars; however the Company's shares will be traded in pounds Sterling.\n\nHIGHLIGHTS\n\n\n\nTESL's end customers will be upstream E&P companies that have established oilfields which are seeking to monitor reservoir flow, depletion and pay zones.\n\n\n\n\n\nWGP Projects Limited ('WGP') and TESL have entered into an Agreement under which WGP will provide procurement, assembly and operational management services in relation to the PMSS™.\n\n\n\n\n\nThe PMSS™ will be used in Life of Field Seismic ('LoFS'), a process using ocean bottom cables or fibre optic networks to produce 4-D (3-D time-lapsed) seismic data to define reservoir fluid-flow.\n\n\n\n\n\nThe Company has been admitted to trading on AIM and will have a market capitalisation at the placing price on Admission of £4,263,855 (US$8,500,000). Thalassa has raised £3,104,626 (US$6,189,073) through the issue of 6,189,073 Placing Shares at a price of £0.50163 (US$1) per Ordinary Share.\n\n\n\n\n\nOn Admission, Duncan Soukup, the Chairman and Founding Shareholder will be beneficially interested in a total of 2,839,821 Ordinary Shares, which represents approximately 33...