| Enovation Resources and RXT announce a new Alliance Agreement 21st November 2006 The Bermudan based Oil and Gas E&P company, Enovation Resources Limited (Enovation) has signed an alliance agreement with the Norwegian seismic company Reservoir Exploration Technology ASA (RXT). The Alliance Agreement calls for RXT to provide multi-component seismic acquisition services to Enovation to a total minimum value of US$11m over an initial 27 month period. The first project under the agreement started 5th October 2006 with a total estimated contract value of US$2m. The project is being acquired in the High Island area of the Western Gulf of Mexico by RXT’ s “Crew1”. ‘As a relatively new company, Enovation Resources is particularly pleased to have signed this agreement with the leading specialist multi-component seismic acquisition provider with exclusive access to a proprietary technology system. We have recently signed an agreement which provides Enovation with a string of opportunities to earn working interests in Offshore Gulf of Mexico licences in exchange for multi-component seismic data. The RXT alliance will ensure our capability to both deliver on our obligations and with superior data quality’, says Diz Mackewn CEO of Enovation Resources. ‘This agreement represents an important step in the implementation of our strategy to drive a more proactive use of our technology to directly target improved oil recovery from existing fields. In addition, it allows for a significant degree of flexibility in the timing of allocation of crew capacity to the selected programs’, says CEO of RXT, Michael Scott. With this agreement, Enovation secures multi-component seismic acquisition capacity in specific periods throughout the calendar year. Actual schedules will be determined in such a way as to maximise RXT crew utilisation, minimise mob/demob times whilst still meeting Enovation’s timing requirements. Note for Editors: Enovation Resources is a technology-focused independent oil and gas exploration and production company. The company has interests in the Gulf of Mexico as well as Asia Pacific (NW Natuna Basin, Indonesia), whilst Enovation's wholly-owned subsidiary Sussex Energy is acquiring assets in the UK Central North Sea. The company's head office is located in Hamilton, Bermuda, with regional offices in the UK, US and Singapore. |
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