Spectrum Acquires Seismic Survey Offshore Lebanon

Spectrum announced the acquisition of a new Multi-Client 3D seismic survey in the Levantine Basin offshore Lebanon.

Under contract to the Ministry of Energy and Water (MEW) of Lebanon, Spectrum is acquiring the MC3D survey in the south west EEZ (Exclusive Economic Zone) offshore Lebanon. The survey is carried out in cooperation with Dolphin Geophysical using their Polar Duke vessel which will acquire at least 579 square miles (1,500 square kilometres) of data using 12 streamers and dual source. This is the first phase of a project that will incorporate up to 1,158 square miles (3,000 square kilometers) when completed. The study area is ranked as "high prospectivity" as defined by Beicip Franlab following their study conducted on behalf of the MEW.

Spectrum's Executive Vice President David Rowlands commented, "Since the discovery of giant gas fields in the Eastern Mediterranean, there has been a stampede to explore the deepwater of the Levantine Basin. Spectrum has been instrumental in providing data and knowledge to enhance awareness of this Basin. Our Multi-Client 2D data and additional products in the area are second to none, both in scope and quality. With this strategically-placed 3D survey we will complete the geological picture allowing clients to fully evaluate the prospectivity."

Acquisition is scheduled to be completed before the end of September. A fast track volume, processed on-board, will be available to interested clients in November. The final product will be completed in early 2013 which is when the Lebanese government has indicated that their first ever licensing round will open.