Polarcus launches first 3D multi-client project

by polarcus on 24-Mar-11 12:20
Polarcus Limited (OAX: PLCS) is pleased to announce that the Company will commence acquisition in Q2 2011 of its first 3D multi-client project, in Quad 28 of the UK Continental Shelf. The survey, with the potential to cover an area of up to 2,000 square kilometers, is supported through industry pre-funding. The data will be acquired by the vessel POLARCUS NADIA with acquisition expected to take from 70 to 100 days depending on final program size. Data processing will be undertaken by GX Technology, the imaging solutions group of ION Geophysical. To enable companies to use the data for their UK 27th Round block evaluations a preliminary dataset will be available within one month from the end of acquisition, with delivery of the final migrated data volume expected to take place within December 2011.
 
"Polarcus is especially excited to announce this survey, our first ever 3D multi-client project", commented Rolf Rønningen, CEO Polarcus. "Our investment in strategic partnerships with experienced and highly regarded industry professionals in this field is enabling us to develop a strong portfolio of robust multi-client project opportunities worldwide. This first project targets an area receiving significant attention as a result of the recent oil discoveries announced subsequent to the UK 26th Round. We anticipate this area will attract considerable industry focus in the next UK licensing round, with the Polarcus survey being the reference data for company evaluations."
 
The survey, designed in conjunction with GeoPartners Limited, covers the Western Platform of the Central Graben and includes the Catcher discoveries (28/9-1 ‘Catcher', 28/9-2 ‘Varadero' and 28/9-4 ‘Burgman'). These discoveries, drilled in 2010 and 2011, encountered excellent quality hydrocarbon bearing sandstones with light oil (26 to 31 degree API) in thick, high porosity sandstones of both the Eocene Tay and Paleocene Cromarty intervals at depths ranging between 3,500ft and 4,600ft. The new high trace density 3D seismic will provide a significantly improved interpretation of these shallow sand bodies where amplitudes and direct hydrocarbon indicators (DHI's) are critical.
 
Contacts
 
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
 
About Polarcus
 
Polarcus 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 is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
 
Disclaimer
 
The information included herein may contain forward-looking statements.  Forward-looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company's intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions.  Such forward-looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized.  Some factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, developments in the oil and gas industry, the demand for seismic services, the demand for data from the Company's multi-client library, currency risks, political risks, regulatory risks, and unexpected operational setbacks. For a further description of other relevant risk factors we refer to our 2009 Annual Report. The reservation is also made that inaccuracies or mistakes may occur in the information given above concerning the current status of the Company or its business. Any reliance on the information given above is at the risk of the reader, and Polarcus disclaims any and all liability in this respect.
 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)