The Directors of WGP Exploration Ltd announce that the company has entered into a definitive acquisition agreement with Thalassa Holdings Ltd. The combination unites the exceptional relationship the WGP Group has developed with Thalassa since 2007 and signifies both companies now officially working as one.
Together, we are now uniquely positioned to provide the global upstream oil and gas industry with the most comprehensive set of solutions in 4D seismic for Permanent Reservoir Monitoring (“PRM”) and other niche frontier seismic projects.
The decision for the company to be acquired by Thalassa was arrived at after careful consideration. By consolidating our services and products WGP now has full access to two Portable Modular Source Systems (PMSS™). Both systems are currently operated by WGP; one is currently utilised for the on-going Life of Field Seismic (LoFS) survey for BP over the Valhall Field located in the North Sea. The second system recently completed a survey for ION Geophysical Corporation as part of a High Arctic exploration programme. The transaction further provides the possibility to build and utilise additional PMSS™ units and components to meet the growing demand in the current market.
Under this corporate acquisition WGP will become part of a public traded company and can now look forward to and concentrate on a period of sustainable growth with the ability to raise finance through the Alternative Investment Market (AIM), the London Stock Exchange’s international market. WGP will continue to operate under the same name with their headquarters remaining in North Cornwall, UK.
“ The Directors of WGP Exploration (Mark Burnett, CEO and Claire Jennings, CCO) are extremely thrilled with the conclusion of this transaction which signifies an important milestone in the company’s development. It is envisioned that the synergy of WGP and Thalassa united together will unlock the possibility to explore and secure new opportunities to continue the strategic sustainable development of niche marine geophysical solutions. Combined, WGP’s extensive operating experience and established market presence coupled with Thalassa’s significant corporate and financial strength form a unified and energised team”. Mark Burnett, WGP CEO.
The company’s consolidation will cause no disruption to clients and services and will continue to build on the two companies’ successful track records, providing the platform for a sustainable expansion strategy driven by our global clients’ needs.
[mappress] Subsea World News Staff , November 18, 2011; Image: WGP