21 October 2005
Preliminary results for the year ended 31 August 2005
[extract below]
Offshore Hydrocarbon Mapping plc (OHM), the AIM listed provider of remote electromagnetic sensing services designed to detect the presence of offshore oil and gas, today announces its preliminary results for the full year ended 31 August 2005.
Highlights:
 Marked progress in industry adoption of CSEMI technique
Successful completion of shallow water testing, demonstrating OHM's capability to apply the technology to a much wider market.
First CSEMI data library surveys completed
'Surprising' UK Patent Office decision, now under appeal.
Significant orders for our crews in South East Asia and West Africa for the coming year.
Commenting on the results, Pierre Jungels, Chairman of Offshore Hydrocarbon Mapping plc, said:
'The year 2005 should be seen as a transition year for your company, a year during which we invested some of the funds raised in the float, to position OHM to capitalise on the transition towards full utilisation of the Controlled Source Electromagnetic surveying technology, by an oil and gas industry which desperately needs to find more resource and is substantially increasing its exploration spend for that very purpose.'
Dave Pratt, Chief Executive commented:
'Over the last twelve months, OHM has risen to a number of challenges; we have matured our service offering, opened new channels to market, raised the bar on the application of the CSEMI technique and made major inroads towards our goal of full industry awareness of and adoption of the technique.
'Looking forward, we are currently mobilising a vessel to undertake projects off West Africa. In addition, our investment in research into shallow water application of our technique has delivered significant success and we will be formally launching our shallow water business offering at a major industry trade show in the United States next month.
'I am confident that we will rise to the challenges and opportunities in the next twelve months.'
Contact:
OHM plc
Dave Pratt, Chief Executive 0870 429 6581
www.ohmsurveys.com
Aquila Financial Limited
ohm@aquila-financial.com
Peter Reilly 020 7849 3319
Yvonne Fraser 020 7849 3326
About OHM:
OHM's survey method transmits an electromagnetic field into the earth, which is modified by the presence of subsurface resistive layers. These changes in the field are measured and the resulting data is processed to provide information on the resistive structure of the subsurface. Because hydrocarbon accumulations are generally very resistive, this method can indicate the presence of oil and gas in deep water situations and can detect and map the edges of such accumulations. This reduces the risk of drilling non-commercial exploration wells and can reduce the need for appraisal drilling, thereby creating considerable value for oil explorers.
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