LONDON--UMC Energy Corporation (UEP.LN) said Friday the 3000
line kilometer 2D seismic acquisition program over the offshore
Petroleum Prospecting Licenses, PPL374 and PPL375, held 100% by
Gini Energy Ltd. continues to run to schedule, and no safety or
environmental incidents have been reported.
MAIN FACTS:
-BGP PNG Exploration's 2D seismic acquisition vessel, the Dong
Fang Kan Tan No. 1, to midnight on Dec. 26, has recorded 2031 line
km of 2D data, which represents completion of 68% of the planned 2D
survey.
-UMC Energy holds a 30% interest in Gini, with CNOOC Ltd.
(0883.HK) holding a 70% interest.
-CNOOC is the operator of these permits and is funding the
entire cost of this survey.
-UMC shares at 1105 GMT unchanged at 3 pence valuing the company
at 15.74 million pounds.
-Write to Ian Walker at ian.walker@wsj.com
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