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RXT – letter of intent for contract award in the Gulf of Mexico
28 February 2007
The multi component seismic company Reservoir Exploration Technology ASA (RXT) has signed a letter of intent for a contract in the Gulf of Mexico with GX Technology Corporation (GXT). The proposed contract rates are favourable to the company’s annualised projection. The survey duration is estimated to be around 120 days.
- This means that our Gulf of Mexico (GOM) crew has secured contract work until at least the end of September 2007. The crew will then have been in continuous operation in the GOM since operation commenced in 3rd quarter 2004, says CEO Michael Scott. There is an increased interest in our operation which is attributable to a combination of improved cost efficiency and excellent data quality. This further validates our projection that this operation will continue to operate in the GOM area, he continues.
For further information, please contact CFO Odd Erik Rudshaug in RXT.
Cell : + 47 41612858
About RXT:
Reservoir Exploration Technology ASA (RXT) is a marine geophysical company specializing in multi component seismic sea-floor 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 exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston. RXT is listed on the stock exchange in Norway (OSE ticker: RXT).
URL: http://www.rxt.com/
About GXT:
GX Technology Corporation (GXT), a subsidiary of I/O, is a leading provider of advanced seismic imaging solutions to oil & gas companies worldwide. GXT's Image-Driven(TM) solutions include: seismic data processing services, such as state-of-the-art depth migration, reverse time migration, and full-wave imaging; multi-client seismic data libraries, including basin-scale SPAN(TM) seismic programs; software and services for seismic survey design, geophysical analysis, and reservoir modeling; and start-to-finish seismic imaging programs that encompass survey planning, field acquisition, and final image rendering. GXT is a Houston-based company that operates eight regional service centers worldwide.