CGG to Perform Multi-Client Survey Offshore Libya

Compagnie Generale de Geophysique has been awarded, in co-operation with NAGECO (North African Geophysical Co.), the exclusive rights by NOC (National Oil Company) to perform a speculative multi-client program over the entire Libyan Offshore. The contract was signed between the parties in Tripoli on April 7, 2004.

CGG expects to commence operations within the second quarter of 2004 with a regional 2D seismic, gravimetric and magnetic data acquisition program of 38,000 line kilometers over all licensed and open acreage. It is envisaged that this first phase of operations will take around 12 months. The data will be processed in a CGG's processing center.

Very little data has been acquired in the Libyan offshore in the last twenty years and much of the existing data is of a significantly older vintage. This new dataset is the first regional program in the Libyan Offshore and is the first modern dataset to extend information on the existing shelf areas and to explore the potential for prospectivity in deeper water basins.

Subject to the success of this dataset, CGG will investigate the potential for extensive 3D non-exclusive coverage.