Completion of disposal

 

TIDMOHM 
 
RNS Number : 5107V 
Offshore Hydrocarbon Mapping PLC 
03 November 2010 
 

3 November 2010 
 
                Offshore Hydrocarbon Mapping plc ("the Company") 
           Completion of disposal of marine CSEM acquisition business 
 
Further to the announcement dated 1 November 2010, the Company has now completed 
the disposal of its marine CSEM acquisition businesses OHM Ltd and OHM Surveys 
Sdn Bhd. 
 
Offshore Hydrocarbon Mapping is now a specialist interpreter of seismic, CSEM 
and well data. The Company's seismic and well data interpretation skills were 
already long established within the Rock Solid Images business, which was 
acquired by the Company in 2007. Since then, considerable progress has been made 
in the integration of CSEM with seismic and well data and the Company's flagship 
WISE product reflects this effort, and has already provided successful results, 
most recently for Nautical Petroleum in the North Sea. 
 
Richard Cooper, Offshore Hydrocarbon Mapping's Chief Executive Officer, said: 
 
"The disposal of the marine CSEM acquisition business removes a significant 
investment burden from the Company. Nevertheless, we believe that CSEM has a 
strong future as an exploration, appraisal and production-monitoring tool, and 
we see a real platform for growth for Offshore Hydrocarbon Mapping as the first 
independent provider of CSEM integrated interpretation services. 
 
We will continue to have a strong working relationship with our sister CSEM 
acquisition business created via this transaction; together we can provide a 
seamless CSEM product including survey design, acquisition, processing and 
interpretation and where appropriate will jointly market proprietary and 
multi-client CSEM surveys and interpretation packages. 
 
Seismic data remains the geophysical tool of choice for subsurface exploration 
and exploitation of oil and gas resources. However, the combination of 
non-seismic data such as well-logs, CSEM and magneto-telluric (MT) adds value to 
seismic and is becoming increasingly important too in areas where seismic alone 
provides an incomplete or ambiguous result. Our expertise in seismic, well-logs, 
CSEM and MT processing and interpretation positions us to take advantage of 
these integration opportunities." 
 
Contacts: 
+---------------------------------------+---------------------+ 
| Offshore Hydrocarbon Mapping plc      | www.ohmrsi.com      | 
+---------------------------------------+---------------------+ 
| Richard Cooper - Chief Executive      | 0870 429 6581       | 
| Officer                               |                     | 
+---------------------------------------+---------------------+ 
| Bob Auckland- Finance Director        | 0870 429 6581       | 
+---------------------------------------+---------------------+ 
| KBC Peel Hunt (Nominated adviser &    |                     | 
| Broker)                               |                     | 
+---------------------------------------+---------------------+ 
| Julian Blunt / Simon Brown / Harry    | 020 7418 8900       | 
| Florry                                |                     | 
+---------------------------------------+---------------------+ 
| Aquila Financial Ltd (PR)             |                     | 
+---------------------------------------+---------------------+ 
| Peter Reilly                          | 0118 979 4100       | 
+---------------------------------------+---------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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