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2005 FINANCIAL STATEMENTS APPROVED
7 February 2006
The board of Directors of RXT (Reservoir Exploration Technology ASA) has approved the Financial Statements for 2005. The Annual General Meeting of Shareholders will be held June 8, 2006 in Oslo.
There are no material changes as compared to the preliminary results. However, the IFRS accounting treatment in 2006 of $2.8 million related to a resolved outstanding issue with one of the Company`s suppliers will be different than assumed in the 2006 EBITDA guidance given in the Q4 2005 Earnings Release. The amount will be accounted for as a reduction in fixed assets. Consequently, the EBITDA guidance for 2006 is adjusted to $18 - $20 million. The change has no cash effect.