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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Spectrum ASA    SPU   NO0010429145

SPECTRUM ASA

(SPU)
Delayed Quote. Delayed Oslo Bors - 08/14 10:25:04 am
54.5 NOK   -12.24%
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Spectrum : Expand Broadband 3D and 2D Seismic Coverage Offshore Australia

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12/18/2017 | 12:04pm EDT

Spectrum has commenced a new Multi-Client Broadband 3D and 2D Reprocessing Project in the Otway Basin offshore Australia. This unique dataset comprises 7,950km² of 3D data from 16 existing 3D surveys and about 7,000km of 2D data which will be reprocessed through a high-end PSTM and PSDM broadband sequence.

The project focuses around the 2018 Offshore Petroleum Exploration Acreage Release Proposed Areas in the Otway Basin announced today by the Australian Government.

This survey which covers the recently announced will provide an essential tool in conducting regional analysis, seamlessly tying existing discoveries to the outboard, frontier deeper water region. 3D coverage extends over the Shipwreck Trough, Mussel Platform and Mussel Fault Zone while extensive 2D coverage will allow for broadband enhanced imaging across prospective areas of the Nelson Sub-Basin. The Otway Basin is one of the few areas proven to be economically prospective, yet still under-explored. Spectrum believe there is significant future potential to be unlocked here.

Following the outstanding results on Spectrum's Olympus Multi-Client 3D Project, and with further support from industry, DownUnder Geo Solutions have been awarded this Spectrum reprocessing contract. The Olympus project, a similar, though much larger, seismic volume is located in the North Carnarvon Basin and demonstrates the ability to vastly improve legacy vintage datasets through the application of modern techniques to maximise technical value for re-evaluation of an area. The Otway Basin project represents another opportunity for significant imaging uplift and extension.

PSTM data will be available for delivery during Q3 2018 with PSDM shortly after.

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Official Press Release [PDF]

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Spectrum ASA published this content on 18 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 December 2017 17:04:03 UTC.

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