Reference is made to the notice published by Polarcus Limited on 17 June 2010 regarding the receipt of a Letter of Intent from Rosneft for a 1,030 square kilometer 3D seismic acquisition project in the Russian sector of the Black Sea.
Polarcus Limited (OAX: PLCS) announced today that the Polarcus / JSC Dalmorneftegeophysica (DMNG) partnership has received formal notification from Rosneft that the 3D seismic acquisition project has been expanded to 2,069 square kilometers. The project, to be acquired by POLARCUS ASIMA, will commence in September 2010 and is now expected to run for approximately two and a half months.
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 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
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)