AIM launch for seismic group

Thalassa Energy has raised £3.1 million on AIM to buy marine seismic equipment for offshore oil exploration and production.

Thalassa Energy has raised £3.1 million on AIM to buy marine seismic equipment for offshore oil exploration and production.

Ocean Equities is broker and Dowgate Capital nominated adviser to British Virgin Islands-based Thalassa (meaning ‘sea’ in classical Greek), which has raised the money at $1 (50.16p) a share to help fund the acquisition of a ‘Portable Modular Source System’ (PMSS). Oil explorers and producers can install the PMSS on their vessels to provide the seismic (sound) source enabling them to monitor reservoirs of oil, and the company has an equipment procurement, assembly and operations deal with WGP Projects, a British seismic research contracting company.

Financier Duncan Soukup, formerly of Wall Street bank Bear Stearns and a past director of AIM- quoted Acquisitor Holdings, is the founder and executive chairman of Thalassa, having been introduced to the process by financial group JO Hambro, and ex-Medoil chief David Thomas is on the board. Soukup, who says he does not expect sales until near the end of the year, maintains the PMSS can improve efficiency and save oil companies money, and says he has already received many expressions of interest from the industry.

Soukup, who has personally funded the company with loans before the float, has with his family subscribed some £265,000 to the float placing and exchanged a £1.16 million loan for shares. That gives his family 33.4 per cent of the enlarged company, which could rise to 46.7 per cent if Soukup exercises ‘founding shareholder options’ at an advantageous 5p.

Robert Tyerman

Robert Tyerman was news editor of 'Growth Company Investor'.

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