SeaBird Exploration PLC announced an expansion of the existing Frame Agreement with Spectrum ASA (“SPU”) for the acquisition of 2D seismic data. The previous agreement was that SPU committed to acquire 2D data for a minimum value of USD 23 million over a period of 36 months with commencement 20 May 2011.
SPU and SBX have today agreed to enter into a new agreement in which SPU agrees to acquire 2D data for a minimum value of USD 30 million over 48 months, commencing upon fulfillment of the USD 23 million in the initial contract. This is estimated to be in September 2012. The pricing of the 2D data has been adjusted as a result of increasing market rates in the 2D market.
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Press Release, August 17, 2012; Image: SeaBird