Polarcus announces multi-client project offshore Australia

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce the commencement of a new RightBAND(TM) multi-client project over the Vulcan Sub-basin, offshore the North West Shelf, Australia.

The Cygnus 3D Survey is being acquired with joint investment from Spectrum ASA and DownUnder GeoSolutions, and is supported by industry funding. The survey will comprise a minimum 4,000 sq. km and is designed to provide exploration companies with a basin-wide high quality broadband 3D seismic dataset over this proven hydrocarbon province.

Historically, sub-optimal acquisition and processing strategies have not been able to address the geological and geophysical challenges including the energy absorption and multiple issues caused by the thick Late Cretaceous-Tertiary carbonates.

Polarcus will acquire this survey using a XArray(TM) configuration: 10 x 112.5m x 8,100m with a 12.5m triple source shot interval and continuous recording, delivering 33% improved cross line sampling with real data (no interpolation). Processing will be done by DownUnder GeoSolutions through a broadband Pre-SDM workflow and final processed data will be available from Q3, 2016 with Pre-STM fast track data available from Q1, 2016.

 

Contacts

Tom Henrik Sundby, CFO
+971 50 708 6480
tom.sundby@polarcus.com

Hans-Peter Burlid, VP Finance & Investor Relations
+971 50 559 8175
hp.burlid@polarcus.com

 

About Polarcus

Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. 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)