Last checked at 22 Jul 2013 08:56
IG Seismic Services PLC
GEOTECH HOLDING AND NOVATEK SIGNED AN AGREEMENT
FOR SEISMIC EXPLORATION USING UNIQ TECHNOLOGY
Moscow, July 22, 2013
IG Seismic Services PLC ("IGSS" or the "Company", LSE: IGSS), the leading pure-play land and transition zone seismic company in Russia and the CIS and one of the largest land seismic companies globally, announces that GEOTECH Holding CJSC (the managing company for IGSS assets) and NOVATEK OJSC signed an agreement for seismic exploration works, using UniQ technology.
GEOTECH Holding CJSC (the managing company for IGSS assets) and NOVATEK OJSC have signed an agreement for seismic exploration works, using high density innovative UniQ technology at the North-Russkoye license area at Yamal.
The agreement envisages conducting field seismic exploration and provision of expert recommendations. The agreement envisages seismic surveys of high resolution, that will result in producing detailed images of target horizons. The works will be conducted during winter season of 2013-2014 and will last for two calendar months.
The challenge of the North-Russkoye site is that the upper part of the section includes permafrost layers of complicated geological structure, that distort multiwave seismic field within the range of target horizons. At the same time the target body has a thin-layer multilayer section which requires especially high quality of seismic data to provide for building a correct geological hydrodynamic model and, consecutively, for successful deposits development.
The UniQ technology, developed by Schlumberger, has no analogous comparisons in the world. It is a complex combination of both geophysical equipment and software, designed to help with the efficient exploration of oilfield resources with a high resolution of data. GEOTECH Holding has an exclusive right to provide the UniQ technology services at the territory of the Russian Federation and CIS.
GEOTECH HOLDING CJSCis the largest Russian land and transition-zone seismic exploration company, providing services for high quality seismic data acquisition, processing and interpretation to oil and gas companies primarily in Russia and the CIS.
GEOTECH Holding is owned by IG Seismic Services PLC (IGSS), and is the managing company for IGSS' assets. In its present form, IG Seismic Services is a synergistic union of operating seismic companies, previously incorporated in Integra, GEOTECH Holding and Schlumberger in Russia and the CIS, and is a leading pure play, land and transition-zone seismic exploration company, primarily servicing clients in Russia and the CIS, and is one of the largest seismic exploration companies in the world. IG Seismic Services Global Depositary Receipts are listed and traded on the Main Market of the London Stock Exchange under the ticker IGSS. The Company has 75 seismic crews, 28 operational bases and regional departments in all major hydrocarbon regions. IGSS' IFRS Revenue for the 2012 amounted to USD 608.5 million.
Schlumberger (owns 12% of the IG Seismic Services PLC) is the largest oilfield services company in the world, providing a wide spectrum of services in the area of oil and gas field exploration (geological exploration, well construction, well workovers, equipment manufacturing). The company has operations in more than 80 countries, including Russia and Kazakhstan.
NOVATEK OJSC is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 90% of Russia's natural gas production and approximately 17% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
Contacts
For further information please visit www.igseis.com or contact:
IGSS Media Relations
Victoria Smirnova
+ 7 495 580 7882 ext. 396
v.smirnova@geotechcom.ru
IGSS Investor Relations
Olga Popova
+ 7 495 580 7882 ext. 129
o.popova@igseis.com
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