Offshore Hydrocarbon Mapping has agreed terms of a Credit Facility of up to $2 million with affiliates of its two largest shareholders, East Hill Hedge Fund, LLC ('East Hill') and Euro Trans Skips AS (Seatrans)'.

At the time of OHM's results announcement of 16th November we referred specifically to the possibility that further sources of funding may need to be secured in the event that the increasing level of enquiries and tender activity we were seeing at that time failed to result in a flow of profitable orders. Whilst the Group's strategic partnership with the Bureau of Geophysical Prospecting in China (BGP) has already yielded its first survey offshore Equatorial Guinea, which is now well under way, two other significant CSEM opportunities which we had been anticipating to convert into contracts by this stage have now been delayed until 2010 due to reasons beyond the Company's control. To increase our cash reserves to be able to accommodate these delays, the Company has put in place a credit facility to provide funding to its main CSEM trading subsidiary, OHM Ltd, to help it continue to take advantage of the continued flow of CSEM opportunities, several of which have already been identified as revenue generating projects, which we continue to see.

The Credit Facility will provide the Company with access to short term financial support.

Terms: 1) The credit line facility of up to $2 million is to be provided equally by affiliates of East Hill and Seatrans (the 'Lenders') to Offshore Hydrocarbon Mapping plc 2) The interest rate is set at 5% above US prime (which is currently 3.25%) and is payable by OHM to the Lenders quarterly in arrears commencing on 31st March 2010 and quarterly thereafter on 30th June, 30th September and 31 December. 3) Security cover will be a joint Floating Charge in favour of the Lenders covering all of the assets of the Company and its main trading subsidiaries, OHM Ltd and Rock Solid Images Inc. 4) The availability of the Facility will end on 30th June 2010 unless otherwise agreed in writing by both Lenders and the loan balance outstanding at 30th June 2010 is to be repaid as soon as possible by OHM, but in any event in four instalments by 30 September 2011, unless otherwise agreed in writing by both Lenders.

The Directors having consulted with KBC Peel Hunt, the Company's Nominated Adviser, are satisfied that the terms of the transaction are fair and reasonable insofar as OHM shareholders are concerned.

Richard Cooper, Offshore Hydrocarbon Mapping's Chief Executive Officer, said,'OHM is very pleased to have the continued support of its two largest shareholders. Backlog of seismic reservoir characterization projects within our Rock Solid Images subsidiary remains at a high level, and we continue to grow backlog in the CSEM processing division of OHM Ltd. However, the acceleration in growth of our marine CSEM business has been slower than anticipated and we are pleased to have this additional financial cushion available to help us develop this market.'

Tags: Offshore Hydrocarbon Mapping plc