Monday 15 October 2018

With reference to the press release dated 9 July 2018, SeaBird Exploration and its partner MCG announced that significant additional pre funding commitment from an oil major has been secured relating to the ongoing MC2D project in North West Europe. The pre-funding commitment is based on a revised scope increasing the survey from its initial 6,000 km to approximately 16,000 km.

Due to the planned increased survey scope and current inclement weather in the operative area, a decision has been made to suspend the survey for the 2018 season. The survey is expected to re-commence in the first half of 2019, provided further pre funding has been secured.

SeaBird also announced that the company has awarded the contract for a proprietary 2D survey in North West Europe. The project is due to commence imminently and will have a duration of about two weeks with an estimated contract value of approximately US$ 1 million. SeaBird will be using the Harrier Explorer for the work.