Business
Letter of Intent for Phase 2 Contract In Ecuador
Letter of Intent for Phase 2 Contract In Ecuador.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 2946G Thalassa Holdings Limited 05 June 2013 \n \n\n4 June 2013\n \nThalassa Holdings Ltd\n \n(Reuters: THAL.L, Bloomberg: THAL:LN)\n \n(\"Thalassa\" or the \"Company\")\n \nLetter of Intent for Phase 2 Contract in Ecuador\nThe 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. \nThe 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.\nThalassa'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.\" \nContacts: \nThalassa Holdings Ltd: \n \nDuncan Soukup, Executive Chairman +33 (0)6 78 63 26 89\nWH Ireland Limited (Nominated adviser): \nChris Fielding, Head of Corporate Finance 020 7220 1650\nwww.thalassaholdingsltd.com\n \nNotes to Editor:\n \nThalassa Holdings Ltd, incorporated and registered in the BVI and quoted on AIM, is a holding company with a focus on marine seismic operations. The corporate strategy for the Group is \"Exploration and Beyond\". \"Exploration\" is focused on activity in frontier and challenging locations, whilst \"Beyond\" focuses on production activi...