Polarcus expands multi-client footprint offshore Guinea-Bissau
13 Nov 2014
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce the expansion of the Company’s multi-client data library offshore Guinea-Bissau.
The recently announced dual well successes on trend to the north, offshore Senegal, have resulted in renewed industry interest in the Cretaceous slope fan and shelf-edge reef plays along the basin margin. Similar plays to the south in both the AGC & Guinea-Bissau have now been significantly de-risked for oil source but will still require the greater resolution inherent in 3D broadband seismic to fully understand the complex trapping and migration route configurations required for further drilling success.
In response to this heightened industry interest Polarcus has secured further industry prefunding to acquire, in collaboration with Petroguin E.P., a new 3D multi-client survey offshore Guinea-Bissau, expanding the Company’s 3D multi-client data library across the Mauritania-Senegal-Guinea-Bissau Basin (“MSGB”) in the AGC and Guinea-Bissau to over 8,300 square kilometers.
The new high density RightBAND(TM) 3D survey of approximately 2,300 square kilometers will commence in Q4 2014 utilizing a Polarcus A-Class seismic vessel and is expected to run for approximately 75 days. Final data products will be available mid-2015.
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
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 2013 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.
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