OHM announces RDSP acquisition

The board of Offshore Hydrocarbon Mapping plc (OHM) is pleased to announce the conditional acquisition of RDSP Acquisition Inc, the holding company of Rock Solid Images, for a total consideration of approximately £10.4 million. Headquartered in Houston, Texas, the RSI Group is an industry leader in the integration of fundamental rock physics with well and seismic data. Together OHM and the RSI Group intend to develop methods of adding controlled-source electromagnetic (CSEM) data to this rock physics framework to provide clients with the best possible geologic insight and reservoir understanding.

Additional highlights

• KBC Peel Hunt has conditionally placed 2,765,573 new Ordinary Shares to raise approximately £7.6 million before expenses;

• CGGVeritas has also exercised its right to conditionally subscribe for 827,986 new Ordinary Shares;

• EGM proposed to be held on Aug. 10, 2007, is to be adjourned by the Chairman until 10 a.m. on Aug. 17, 2007, to be held at the offices of KBC Peel Hunt at 111 Old Broad Street, London EC2N 1PH;

• Application will be made for admission, and it is expected that dealings in the Placing Shares will commence at 8 a.m. Aug. 20, 2007; and

• Following completion of the Acquisition, the Placing and the Subscription, the total number of Ordinary Shares in issue will be 42,637,148

Dave Pratt, chief executive officer of OHM, said, “The acquisition of Rock Solid Images brings together two leaders in the reservoir imaging field. We have been collaborating together for more than a year on initiatives to integrate CSEM data into Rock Solid Images’ geologic models, and initial feasibility work carried out on a North Sea dataset has yielded exciting results. Together, we will be able to accelerate research and development in this area and intend to secure the ownership of intellectual property rights developed in this field. This acquisition, together with our strategic alliance with CGGVeritas announced in July, will enable us to develop and implement leading technological solutions arising from the combination of CSEM and seismic data.”