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RSI Announces Successful Completion of Placing and Open Offer

HOUSTON--(BUSINESS WIRE)-- RSI is pleased to announce that at the General Meeting held on Saturday 29 September, all Resolutions relating to the Placing and Open Offer were approved with the Company raising £3.2 million ($5.0 million) immediately and obtaining shareholder approval to issue warrants which could raise a further £2.6 million ($4.0 million) within the next two years.

Stated Richard Cooper, RSI’s Chairman & CEO: “I’d like to thank all of our shareholders for showing overwhelming support for the Company. Earlier this year, the Company concluded a strategic view undertaken to develop a plan to allow the Company to restore and build shareholder value. The strategy that was developed following this review required the Company to de-list from the AiM exchange and then re-capitalize in order to provide essential growth funds.

The first part of this strategy was successfully completed in April 2012. Following this General Meeting, the second part of this strategy has now also been successfully concluded.

RSI is now a properly funded private company. We have a growing project backlog, and an excellent and expanding technology base. We remain at the forefront of the integration and interpretation of seismic and non-seismic data, such as well-logs, CSEM and MT data, designed to give our customers more robust and reliable information upon which to base their drilling decisions.”

ABOUT RSI:

RSI is an independent geoscience consulting firm offering quantitative reservoir characterization with the goal of reducing exploration drilling risk and optimizing reservoir appraisal and development plans. The Company is an industry leader in the interpretation and integration of seismic data with well log, CSEM and MT data, and uses advanced rock physics methods combined with sophisticated geologic models to deliver robust and reliable predictions of reservoir geometries and properties to our customers.

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Richard Cooper, +1 713 783 5593
Chief Executive Officer
or
Gareth Taylor, +1 713 783 5593
President

Source: RSI