Investor News Story

Spectrum ASA: Spectrum announces new Brazil Santos 3D Multi-Client seismic campaign (2018-07-23T08:06:09 CEST)

July 23, 2018

Spectrum has commenced a 10,000 square kilometre 3D Multi-Client seismic project over the Southern Santos Basin in Brazil. This survey covers an area south of the major oil and gas discoveries in the Santos Basin and the recent highly sought after blocks offered in Rounds 2, 3, 4 and 15. Fast track data will be available for the round expected in the second half of 2019. The 3D project builds on Spectrum's extensive 2D database in the region and marks the opening of the highly prospective deep water area in the Santos basin.

Rune Eng, CEO of Spectrum comments, "Spectrum has acquired 200,000 kilometres of long offset high quality 2D data covering almost the complete coastline of Brazil. We are now moving to the next growth stage in Brazil, using our 2D to locate prospective areas for 3D acquisition. This project builds on Spectrum's strategy of creating a complete and comprehensive database in Brazil. Our seismic database empowers the oil and gas industry to evaluate blocks in one of the most popular basins in the world and helps the government to select blocks for future license rounds"

For further information, please contact:

Rune Eng, CEO
Tel: +47 915 70 7845

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.