PanGeo set to take off following financial backing from Energy Ventures.

PanGeo Inc. has secured investment of US$7 million from Energy Ventures, a Norwegian venture capital firm specializing in the upstream oil and gas technology arena.

PanGeo, based in St John’s, Newfoundland, Canada, is an underwater acoustic technology company and provides geophysical services aimed at identifying geohazards, such as boulders, hydrates, gas accumulations, faults and soft sediments, before major seabed construction and installation projects.

The company was founded by shareholders Guigné International Limited and Pan Maritime Energy Services Inc.

Moya Cahill, President of Pan Maritime, said, “We are delighted by the financial backing provided by Energy Ventures. The investment will significantly enhance our efforts to expand the PanGeo business. In particular, it will support the launch of two advanced, high-definition products, SurePileTM and SurePipeTM, which we believe will revolutionize the industry’s approach to site investigation and offshore field development.”

SurePile is a non-invasive acoustic coring device for the in-situ identification of seabed geohazards and geological layers that could impede subsea installations. From a fixed position on the seabed, the tool provides an acoustic snapshot of the sub-surface conditions.

SurePipe is a non-invasive acoustic pipeline installation and monitoring tool. When mounted on an ROV, it provides real-time data previously unavailable to the petroleum market and companies working in the marine environment. The two products provide unparalleled definition and precision and represent the next generation of geophysical tools.

Leif Andre Skare, Investment Manager with Energy Ventures, said, “PanGeo has a compelling value proposition. The company possesses the clear ability to help operators make better field development decisions – to mitigate the risks and reduce the costs of subsea field development work. Our confidence in the company is reinforced by the market understanding and the vision of its management, combined with the knowledge and experience of its technical staff.”

PanGeo will maintain its corporate headquarters and research and development effort in St. John’s, where it currently employs 22 people. Marketing and service centers will be opened worldwide to support its clients. The company’s senior executive team will be led by engineer and entrepreneur Moya Cahill and its technical team by Dr Jacques Guigné, a specialist in high-definition marine geophysics and geotechniques with an extensive track record in advanced technology projects.

More information about the companies involved

ENERGY VENTURES
Energy Ventures manages two oil and gas venture funds with a combined capital base of about US$145 million. It is based in Stavanger, Norway, and has portfolio companies in the US, UK, Norway and Canada. The funds concentrate investment activities in high-growth technology companies within the upstream oil and gas sector.

Target companies are located in the North Sea and North America, and will preferably have international potential. Key drivers for investment are new technologies and their smart application to improve performance, raise productivity, reduce costs, or open up new territory for E&P activities.

The funds invest in high-growth technology companies that successfully market and sell proprietary or unique technology products or solutions to the international market. More information can be found at: www.energyventures.no .

GUIGNÉ INTERNATIONAL LIMITED
Since 1989, Guigné International has been creating Smart Acoustics® for space, water and land. Through the vision of its founder Dr Jacques Guigné, it has developed a unique proprietary acoustic technology called DRUMS® (dynamically responding ultrasonic matrix system), which uses the physics of sound to create narrow acoustic beams, similar to a laser’s use of light. This enabling technology – with its unparallel definition and interrogation capabilities – is the core of a family of products that provide information with significant commercial value to a broad range of industry sectors. More information can be found at www.guigne.com .

PAN MARITIME ENERGY SERVICES INC.
Pan Maritime Energy Services Inc. is an engineering and project management firm that balances its portfolio with investment in innovative technologies. Headquartered in St. John’s, Newfoundland, it has project offices in Halifax and a recently established presence in Calgary. In addition, in February 2005, Pan Maritime opened an office in Doha, Qatar, to support the growth of LNG in the region. More information can be found at www.panmaritime.ca

For further information contact:

At PanGeo
Moya Cahill, P.Eng.
President
Tel: +1 709 749 3432
www.pangeosubsea.com

At Energy Ventures
Leif Andre Skare
Investment Manager
Tel: +47 51 84 12 92
www.energyventures.no