UAE-based Polarcus Ltd. reported Monday that it has now reached the 50 percent completion milestone in the acquisition of the Capreolus 3D multi-client project, the largest single 3D survey ever acquired offshore Australia. Polarcus will acquire a minimum area of 8,544 square miles (22,130 square kilometers) of high resolution broadband 3D seismic data including coverage over the Phoenix South-1 oil discovery and surrounding blocks in an area previously assumed to be gas prone. The 2014 Phoenix South oil discovery in permit WA-435-P has opened up a new oil-prone fairway within one of the few remaining underexplored parts of the north-west shelf. The Capreolus 3D survey will provide multiple opportunities for reduced risk and play-based exploration targeting Triassic and Jurassic structural and stratigraphic traps.
Seismic acquisition commenced early January with two Polarcus A-Class 3D seismic vessels, POLARCUS AMANI and POLARCUS ASIMA, operating in simultaneous acquisition mode in order to maximize production. This operating technique has delivered over 4,247 square miles (11,000 square kilometers) of 3D seismic data in less than 3 months. The data is currently being processed through to pre-stack depth migration by DownUnder GeoSolutions (DUG) in Perth, Australia, with final data products expected to be delivered within 1Q 2016.
For more information on Polarcus and the Capreolus 3D multi-client project, including the latest fast track data examples, visit polarcus.com/mc or follow the Company on Twitter and LinkedIn.
This project forms part of the Company's existing backlog that has been previously announced through the Oslo Stock Exchange.
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