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Polarcus Receives LoI for 3D Seismic Project Offshore NW Europe

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Polarcus Limited announces that the Company has received a Letter of Intent from an undisclosed client for a 3D seismic acquisition project offshore NW Europe.

The program will commence imminently and is expected to run for approximately 75 days.

About Polarcus

Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates.

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Polarcus Acquires 3D Seismic Data Offshore Ivory Coast

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Rialto Energy Limited reports that a block‐wide, full‐fold 3D seismic survey covering 891km2 has been completed over Block CI‐202 (Rialto 85% and Operator) with Dubai-based contractor Polarcus DMCC.

Processing and interpretation of the newly acquired data will commence shortly and will provide Rialto with a full suite of 3D data over the entirety of Block CI‐202.

This will allow Rialto to further refine existing interpretation and mapping of the exploration potential within Block CI‐202 through better definition and mapping of the multiple prospects and leads already identified. Further, this work will provide an even greater understanding of the 5 existing discoveries and  culminate in better definition of these existing resources.

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Block CI‐202, offshore Côte d’Ivoire comprises an area of 675km2 and contains four significant underappraised oil and gas discoveries; Gazelle, Hippo‐1, Bubale, and Addax, all located in water depths of 50 to 100 metres. These discoveries  are assessed to have mean contingent resources totalling 50 mmbbls of liquids and 396 Bcf of gas. Rialto is moving to develop and commercialise the Gazelle field later this year. In addition to the development opportunities which exist within  CI‐202, the Company has identified an exciting inventory of exploration prospects and leads which will be the subject of future drilling.

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