LONDON--UMC Energy Corporation (UEP.LN), said Thursday that BGP
PNG Exploration's 2D seismic acquisition vessel, has completed 37%
of the planned 2D survey and on schedule.
MAIN FACTS:
-The 2D acquisition project is running smoothly and to schedule,
and no safety or environmental incidents have been reported.
-The project is a 3000 line kilometer 2D seismic acquisition
program over the offshore Petroleum Prospecting Licenses (PPL),
PPL374 and PPL375, held 100% by Gini Energy Ltd. UMC Energy holds a
30% interest in Gini, with CNOOC Ltd holding a 70% interest.
-CNOOC is the Operator of these permits and is funding the
entire cost of this survey.
-UMC Energy Corporation shares at 1005 GMT traded flat at 3
pence, valuing the company at GBP15.7 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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