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RXT – The first multi component seismic pure play
19 December 2006
The Board of Directors of Oslo Børs (the Oslo Stock Exchange) today resolved to admit the shares of Reservoir Exploration Technology ASA (RXT) for trading on the SMB-list of Oslo Børs. This creates the world’s only listed multi component seismic company.
-“Being a leading stock market for global oil service and energy companies, it was a natural choice for us to apply for listing on Oslo Børs. There is an increasing demand for multi component seismic data, which is driven by substantial data quality improvements combined with cost efficient acquisition methods. This combination has made the use of the technology economically viable for a wide range of applications”, Michael Scott, CEO in RXT, comments.
The company undertakes to list its shares on Oslo Børs as soon as possible, and the expected first day of trading is 21 December 2006 with ticker symbol RXT.
On 13 December 2006 RXT carried out a private placement of 5.51 million shares at NOK 49 per share, raising gross proceeds of NOK 270 million (USD 44.1 million).
Following the approval for listing at Oslo Børs, the two share classes of RXT (RXT A shares and RXT B shares) are merged into one class of ordinary shares.
Following the private placement the share capital of RXT is NOK 2.55 million corresponding to 25,552,020 shares each with par value of NOK 0.10.
Currently RXT has two operations (crews). The third crew is expected to be operating by May 2007 and the fourth crew is expected to be operating in the end of 2007. Furthermore, the company has entered into charters for two more vessels with delivery in 2008 and 2009, respectively.
RXT (OSE ticker: RXT) is classified by MSCI (Morgan Stanley Capital International) and S&P (Standard & Poors) as 10101020- Oil & Gas Equipment Services in GICS (Global International Classification Standard).
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.
URL: http://www.rxt.com/