Potential new NW Shelf oil province set for Seismic Shoot

Roebuck Basin seismic shoot imminent, Polarcus says

Polarcus announces major new multi-client project offshore Australia

 21 Oct 2014

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce the imminent commencement of a major new RightBAND(TM) multi-client project over the Roebuck Basin, offshore North West Shelf, Australia.

The Capreolus 3D survey, supported by strong industry funding, will comprise approximately 15,000 sq. km and is designed to provide exploration companies with an extensive basin-wide high quality broadband 3D seismic dataset over and adjacent to the recent Phoenix South oil discovery. The discovery announced by Apache Corporation on 18 August 2014 has the potential to open up a major new oil province within one of the few remaining underexplored parts of the North West Shelf. The Capreolus 3D survey is specifically designed in conjunction with the project sponsors to enable companies to explore the petroleum potential within the primary Triassic and Jurassic reservoirs.

The project will commence in Q4 2014 utilizing two Polarcus A-Class 3D seismic vessels towing super-wide 12 x 120m long offset receiver arrays. The acquisition phase is estimated at approximately eight vessel months (four calendar months) duration, optimally placing these vessels for the previously announced two vessel program for a major energy company offshore Sakhalin in Q2 2015.

The resultant data from the Capreolus 3D survey will be processed through a pre-stack depth migration routine by DownUnder GeoSolutions in Perth, Australia, with final data products expected to be delivered within Q2 2016.