21 November 2008
Offshore Hydrocarbon Mapping plc (the "Company" or "OHM"): Date of Preliminary Results Announcement and Trading Update
In light of the approach made to the Company, as announced on 28 October 2008, and the time that this ongoing process has absorbed, the Directors have decided to delay announcement of the preliminary results for the year to 31 August 2008 until 18 December 2008.
Further to the Trading Update on 2 September 2008, the Board continues to seek mitigating strategies to minimise cash consumption, particularly in relation to the ongoing efforts to sub charter one or both of the Company's vessels, and some progress has been achieved on this front to date. The Company's advanced data analysis and data library businesses have been performing relatively well, and backlog for advanced data analysis is at a high level. Visibility of data acquisition projects remains low although we are aware of significant work programs being planned by major oil companies in 2009. We are also receiving interest from potential pre-committers to some data library programs. The current level of cash in the business stands at just over £5.5 million (31 August 2008: c£8.0 million) and the rate of cash burn going forward will be highly dependent on vessel utilisation and data library sales.
Enquiries:
Offshore Hydrocarbon Mapping plc
0870 429 6581
Dave Pratt, Executive Chairman
Bob Auckland, Chief Financial Officer
Aquila Financial Limited
Peter Reilly
0118 979 4100
KBC Peel Hunt Ltd (Nominated Adviser and Broker)
020 7418 8900
Julian Blunt
David Anderson
Anthony Bell
KBC Peel Hunt Ltd, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and for no one else in connection with a possible offer for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, or for giving any advice to any other person in relation to the possible offer, the contents of this announcement or any other matter referred to herein.
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