PGS to Commence Uruguay MC3D Seismic Survey

Petroleum Geo-Services (PGS) will start acquisition of 15,550 km² of GeoStreamer® data in four blocks in Uruguay in mid-December, 2012. The seismic vessel Ramform Vanguard will undertake this MultiClient survey, one of the largest ever in the region, which has received strong industry support.

For blocks 6, 11, 12 and 15 awarded in the 2nd License Round, announced 19 March 2012, this will complete 3D seismic work program commitments.

The new 3D GeoStreamer® seismic dataset will be acquired with the most advanced seismic technology available. Fast track processing will provide Operators with early access to these images and more time to evaluate exploration potential prior to moving to the next exploration phase for the awarded blocks, which will likely require drilling commitments.

“PGS has a long history of investing its latest technology in South America. The first deployment of our unique GeoStreamer® technology in Uruguay opens a new frontier with tremendous exploration potential for industry adding to our already extensive South America library” states PGS Regional President MultiClient, Nathan Oliver.

In Uruguay, PGS will work closely with ANCAP (Administración Nacional de Combustibles, Alcoholes y Portland) the state owned entity as partner in Uruguay, and operators to ensure this project not only delivers top quality data and time savings but also improves the collective understanding of the regional geology.

The new Uruguay MC3D will add to existing 2D data in neighboring Pelotas basin, currently available as part of the PGS Brazil MegaProject. Together these datasets will provide the best possible understanding of the hydrocarbon potential of the region.

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Press Release, December 14, 2012