Polarcus Announces Start of its First 3D Multi-Client Project (UK)

Polarcus Limited announces 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.

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.

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Source: polarcus , March 24, 2011;