Fundraising marks a major ste

RNS Number : 0272Y

Eurovestech PLC

01 July 2008

 

1 July 2008

Eurovestech plc

('Eurovestech')

Fundraising marks a major step forward for ARKeX

Eurovestech is pleased to report that ARKeX Limited ('ARKeX'), the geophysical imaging technology company, has raised £15.4 million to accelerate its growth.

Geophysical imaging is used by oil, gas and mineral exploration companies to reduce exploration risk by enabling them to survey large areas quickly and cost-effectively. ARKeX will use the funds to expand the operational capabilities of its airborne BlueQube™ gravity gradiometry imaging and to accelerate production of its proprietary technology, the Exploration Gravity Gradiometer.

ARKeX has reported that the investment is the largest venture funding round for a service company supplying the onshore and offshore oil and gas exploration and production sector since 2003. It was led by Ferd Venture of Oslo, Norway, a new investor and included present investors Energy Ventures, Scottish Equity Partners and members of ARKeX' senior management.

Kitty Hall, Chief Executive of ARKeX, said;

'This is a major step forward for ARKeX. We are delighted that Ferd Ventures has joined our existing investors. This investment means we can establish our services in new regions and accelerate the rollout of our EGG systems to meet increasing demand'.

Eurovestech first invested in ARKeX in the year to March 2004. Following the latest funding, Eurovestech's stake in ARKeX will decline from 4.3 per cent. to 2.4 per cent.

Richard Bernstein, Chief Executive of Eurovestech, commented;

'We are delighted that ARKeX is making such rapid progress and that this is recognised in a significant uplift to its valuation. We will report more fully on the valuation of our investment in our accounts for the year to March 2008'.

Further information:

Eurovestech plc
Richard Bernstein Chief Executive	Tel: [phone] www.eurovestech.com

 

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