Reservoir Exploration Technology contract award

Reservoir Exploration Technology contract award

The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has received a contract award for an Ocean Bottom Cable survey off the west coast of Ireland. The objective is to improve imaging and data bandwidth at the reservoir target, while also improving multiple elimination. The total survey duration is expected to be 96 days and the estimated contract value is $26.7m. The survey is scheduled to commence in second quarter 2012 with planned completion in third quarter.
For further information, please contact Stein Hedemark in RXT. Cell: + 47 918 26 369
About RXT: Reservoir Exploration Technology ASA (RXT) is the only marine geophysical company specializing in multi component seismic seafloor acquisition. Multi-component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for appraisal and development, and is also the solution where towed streamers are impractical due to high density of platforms and/or shallow waters. RXT has offices in Oslo, Norway in Abu Dhabi, UAE and Houston, Texas. In addition RXT is represented in Brazil by GeoRXT, a joint venture between RXT and Brazilian GeoradarLevantamentosGeofisicos S/A (Georadar) where RXT owns 45% and Georadar 55%. RXT is listed on the stock exchange in Norway (OSE ticker: RXT). URL: http://www.rxt.com/ This information is subject of the disclosure requirements according to § 5-12 of the Norwegian Securities Trading Act.
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