Spectrum ASA: Spectrum Commence 2D Multi-Client Seismic Campaign Offshore Argentina

Spectrum is pleased to announce the commencement of a 35,000 km Multi-Client 2D seismic survey covering 435,000 km² offshore the deep waters of Argentina in cooperation withYPF S.A. and the authorization of the Ministry of Energy and Minerals.

This survey is designed in close cooperation with YPF S.A. and will provide Industry with the first ever detailed seismic grid over this under-explored frontier area of Argentina, allowing for basin-wide studies of the area as well as prospect/lead level interpretation studies for upcoming license rounds.

Data is being acquired with a 12,000 m streamer with continuous recording to enable extended recording lengths and high fold data to enable full interpretation from Moho to water bottom. The data will be processed with PSTM, PSDM and Broadband products with first deliveries in early Q4 2017.

The new data will be utilized to assist the Ministry in placement and design of parcels for the future license rounds offshore Argentina.

Richie Miller, EVP Multi-Client Americas, comments, "With the commencement of our first program in Argentina we again start to build a core area for Spectrum to grow and expand on. There has been no deep water exploration in Argentina and this survey will allow Industry to get a look at a frontier area for the first time with modern long offset high fidelity data. This expansion of the Atlantic Margin seismic coverage, will soon allow Spectrum to offer a modern 2D library from French Guiana through Brazil to the edge of the Malvinas Basin offshore Argentina. With the potential for a billion barrel field discovery offshore, Argentina has the opportunity to join the ranks of the recent Atlantic Margins successes in place such as Guyana, Ghana, Brazil and Angola, to name a few."

This survey will be carried out in partnership with BGP Marine and is supported by Industry funding.

For further information, please contact:

Jan Schoolmeesters, COO
Email: jan.schoolmeesters@spectrumgeo.com
Tel: +47 91 77 79 61

Richie Miller, EVP Multi-Client Americas
Email: richie.miller@spectrumgeo.com
Tel: +1 281 647 0602

About Spectrum

Spectrum provides innovative Multi-Client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in Norway, the UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce.

Spectrum holds the world's largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company's strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Spectrum ASA via Globenewswire

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