Polarcus Limited (OAX: PLCS) is pleased to announce that the Company will commence acquisition imminently of a 3D multi-client project over the Bjarmeland Platform in the Barents Sea, offshore Norway. The project, with the potential to cover an area of up to 1,100 square kilometers, is supported through strong industry pre-funding. The survey will be acquired by the vessel POLARCUS SAMUR and is expected to take up to 60 days depending on final program size. Data processing will be undertaken by GX Technology, the imaging solutions group of ION Geophysical. A preliminary dataset will be available within one month after completion of acquisition, with delivery of the final migrated data volume expected to take place within February 2012.
The Bjarmeland Platform 3D multi-client survey, designed in conjunction with GeoPartners and MoVa, targets an area of the Barents Sea currently witnessing a resurgence of exploration interest. The survey is located in the south eastern part of the platform where two small oil and gas discoveries located in blocks 7124 and 7125 on the Nyslepp Fault Complex were drilled in the late eighties by Saga Petroleum. These wells proved the presence of hydrocarbon bearing sandstones with good reservoir properties in the Late Triassic/Early Jurassic formation of the Kapp Toscana Group.
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
Polarcus (OAX: 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
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 2010 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)