RXT secures contract in Nigeria

Contracts, Tenders and Rates - August 21, 2008

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Subject to final contract negotiations, seismic company Reservoir Exploration Technology (RXT) and local partner Delta Plus Ltd (DP) will be awarded a significant contract by Total E&P Nigeria Ltd (TEPN) for 4C OBC data acquisition over the Nkarika field offshore Nigeria.

Expected survey duration is six months at rates consistent with RXT's annualised projection. The work will be performed by the RXT crew 'RXT2' which is currently operating in Nigeria.

The project will involve RXT/DP acquiring multi-component (4C) ocean bottom seismic over Nkarika, a field offshore Nigeria.

Award of this work by TEPN will increase RXT/DP's anticipated backlog for RXT2 to mid-2011 in the region.

DP is a subsidiary of Terra Global Ltd, RXT's partner in West Africa.

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