Thalassa Energy Ltd has announced plans to join The Alternative Investment Market of the London Stock Exchange after raising over £3 million.
The company will be capitalized at £4.3 million when it joins the market.
Thalassa has one subsidiary, Thalassa Energy Services Ltd (“TESL”), which was established to acquire marine seismic equipment, specifically a Portable Modular Source System (“PMSS™”).
The PMSS™ will provide the seismic (sound) source to allow exploration and production (“E&P”) companies to perform oil reservoir monitoring.
TESL intends to contract with energy majors either directly or through multi-national contractors. The end customers will be E&P companies that have established oilfields, seeking to monitor oil reservoir flow and depletion.
WGP Projects Limited and TESL have entered into an Agreement under which WGP will provide procurement, assembly and operational management services in relation to the PMSS™.
The PMSS™ will be used in Life of Field Seismic (“LoFS”), a process using ocean bottom cables or fibre optic networks to produce 4-D (3-D time-lapsed) seismic data to define reservoir fluid-flow.
Thalassa is headed by Duncan Soukup former founder and Director of Acquisitor Plc, Acquisitor Holdings Ltd. and Baltimore Plc. David Thomas, formally CEO of MedOil Plc, is a Non Executive Director of Thalassa.