PGS Lands First 3D Seismic GeoStreamer Survey in Deepwater GOM Blocks

Petroleum Geo-Services will acquire a new MultiClient 3D seismic survey in the area of DeSoto Canyon located offshore Alabama and Florida in the Gulf of Mexico.

Covering approximately 250 deepwater OCS blocks (5828km2), the new program named "Discovery" focuses on a relatively underexplored area recently opened for leasing in the Central and Eastern GOM planning areas.

PGS will be acquiring the DeSoto Canyon survey using its new and unique GeoStreamer technology. This will be the industry's first 3D implementation of GeoStreamer yielding higher fidelity data. The PGS Atlantic Explorer will commence the first phase of data acquisition in December 2008 and acquisition of the entire 250 block project will be completed in approximately 9 months.

BP America Inc. will be an underwriter for the survey and collaborate technically on the project, focusing on extracting the maximum technical benefit that the GeoStreamer delivers. The project has attracted wide interest from oil companies with lease holdings in the area and those wishing to acquire new acreage or those seeking farm-in opportunities.

PGS' President for the North and South America region, Magne Reiersgard added the following, "The GeoStreamer is the result of several years of research and development in PGS. It combines two different sensors yielding enhanced resolution and better penetration as well as improved efficiency due to deeper tow. The GeoStreamer is particularly well suited to solve the exploration challenges in an area like DeSoto Canyon."

Data will be available for the upcoming March 2010 Lease Sale in the Gulf of Mexico.