Polarcus Secures Additional Funding, Expands Project Offshore Australia

Polarcus announced that it has secured further industry prefunding enabling the expansion of the survey northwards with an additional 7,130 square kilometers. Consequently the Capreolus 3D Project will now comprise approximately 22,130 square kilometers overall, providing exploration companies with an extensive basin-wide broadband 3D seismic dataset across the Roebuck Basin, offshore North West Shelf, Australia. 

Seismic acquisition on the original program commenced early January 2015 with two Polarcus A-Class 3D seismic vessels utilizing the Company's RightBAND(TM) technique for broadband data acquisition. The expanded survey is now estimated at approximately twelve vessel months duration overall, and will utilize an additional Polarcus 3D seismic vessel for part of the program. As of date, seismic acquisition is approximately 40% percent complete (of the new expanded program). 

The resultant data from the Capreolus 3D Project will be processed through a pre-stack depth migration routine by DownUnder GeoSolutions in Perth, Australia, with final data products expected to be delivered within 1Q 2016.


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