Wavefield Inseis Heads to Uruguay

Wavefield Inseis has entered into an agreement with the Ministry of Energy and Environment in Uruguay regarding the acquisition of a Multi Client Seismic Survey Campaign.

The survey will consist of approximately 7,000 km of long offset Multi Client 2D seismic data and is significantly pre-financed by the state company ANCAP (Administracion Nacionale de combustibles, Alcohol y Portland). ANCAP is a project partner and will be entitled to future revenue sharing from Multi Client sales to other international oil companies.

The survey is a part of the total back-log of US $114 million announced in connection with Wavefield inseis' Q1 earnings release.

The survey will be acquired with the vessel M/V Bergen Surveyor. The vessel will tow a plus 8,000 meter streamer and a powerful airgun source that will allow for an improved imaging of both the shallower and deeper targets. Marine gravity and magnetic data will also be recorded during the survey.

The data acquisition is planned to commence in mid June 2007. The final process data is scheduled to be made available to the industry at year end 2007.

The survey will provide a consistent semi-regional grid over the most prospective parts of the shelf as well as providing ties to the existing Uruguayan offshore wells. The agreement also includes training of personnel from ANCAP during the acquisition and processing phases.

According to Jan B. Gateman Senior VP G&G of Wavefield Inseis, "The Uruguay sedimentary basins are composed of rocks of Paleozoic to Mesozoic ages and were deposited in the pre-rift, sin-rift, sag and passive margin stages. Existing wells drilled on structural highs in the Punta del Este basin, proved that these sediments are within the hydrocarbon generation window.

In both, the Punta del Este and Pelotas basins, several leads of structural and stratigraphic character have been identified on older seismic data. These hydrocarbon leads are located in a wide range of water depths".

The survey data will be promoted together with a comprehensive interpretation study that will tie and calibrate the geology of the offshore basins of Uruguay with the neighboring basins located in Brazil and Argentina.