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Seismic acquisition update


Full scale evaluation of the Yuzhnaya Block:

 

Earlier the Company had identified eight prospects and leads, with a combined un-risked resource potential of 970 mmbls, for further exploration from 2012 onwards.

 

Seismic Acquisition and Data Processing

 

In-order to properly identify and assess these prospects and leads, new 3D seismic surveys over a total area of 750 km2 has been undertaken. DANK and PGS were selected as acquisition and data processing contractors respectively.

 

The acquisition crew mobilized in late March 2012 on the northeastern part of the Lucent license. It then progressed westward as far as the Caspian coast. Acquisition continued throughout the summer months and was completed in Sep 2012.

 

Because of the nature of the terrain tracked vehicles and marsh buggies were used to deploy the seismic equipment. For the same reason buried explosives (rather than vibroseis) were used as a seismic source.

Based on tests made on the data from Lucent’s previous (2009) Lebyazhe 3D survey, where a portion of it was re-stacked at half the original fold, it was judged that 42 fold coverage would be sufficient to properly image these prospects. This allowed a larger area to be covered at a lower overall cost.

A long offset recording set-up was designed in order to image the deep structures. This consisted of 14 receiver lines with 240 receivers points each, for a total of 3360 receiver points covering an area of 75 km2 for each shot.

 

At the time of acquisition completion, re-processing of 300 Km2 of previously obtained 3D survey data, from an adjacent area, was completed and processing of the newly acquired data was initiated. The previous data, once processed, was merged with the new data to provide a coherent survey over the whole of the southern and eastern parts of Lucent’s license area.

 

Interpretation

 

Initial interpretation of the PSTM (Time Migration) data is in progress using both Lucent’s in-house interpreters and the contractor, RES. A preliminary version is anticipated by end 2012.

Once the preliminary PSTM interpretation has been concluded a decision will be taken as to whether a full scale PSDM (Depth Migration) processing is necessary in order to optimally locate new drilling locations.

 

Date: 3.10.2012