Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce the imminent commencement of a major new RightBAND(TM) multi-client project over the Roebuck Basin, offshore North West Shelf, Australia.
The Capreolus 3D survey, supported by strong industry funding, will comprise approximately 15,000 sq. km and is designed to provide exploration companies with an extensive basin-wide high quality broadband 3D seismic dataset over and adjacent to the recent Phoenix South oil discovery. The discovery announced by Apache Corporation on 18 August 2014 has the potential to open up a major new oil province within one of the few remaining underexplored parts of the North West Shelf. The Capreolus 3D survey is specifically designed in conjunction with the project sponsors to enable companies to explore the petroleum potential within the primary Triassic and Jurassic reservoirs.
The project will commence in Q4 2014 utilizing two Polarcus A-Class 3D seismic vessels towing super-wide 12 x 120m long offset receiver arrays. The acquisition phase is estimated at approximately eight vessel months (four calendar months) duration, optimally placing these vessels for the previously announced two vessel program for a major energy company offshore Sakhalin in Q2 2015.
The resultant data from the Capreolus 3D survey will be processed through a pre-stack depth migration routine by DownUnder GeoSolutions in Perth, Australia, with final data products expected to be delivered within Q2 2016.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)