Oslo, Norway, 19 March, 2007 Wavefield Inseis has completed acquisition of the 2D Long Offset Seismic Campaign Offshore Barbados

Wavefield Inseis has in cooperation with the Ministry of Energy and the Environment of Barbados completed the acquisition of a Multi Client Seismic Survey Campaign that covers the entire prospective shelf of Barbados. This first phase of the new 2D Survey Campaign consists of approximately 6,000 km of long offset Multi Client 2D data.

The Government of Barbados will formally announce the 1st Offshore Licensing Round in beginning of June 2007 and this new dataset will be made available to the oil industry in preparation for this concession round.

The survey was acquired utilizing the vessel M/V Akademik Nemchinov under contract with Wavefield Inseis. The vessel towed an 11,500 m streamer and used a powerful airgun source allowing for improved imaging of both shallow and deeper targets. Marine gravity and magnetic data were also recorded during the survey. Industry pre-funding supports the survey.

The data acquisition commenced 8th of January and was completed 4th of March. Data processing is well underway and is performed by Geotrace Technology (UK) under contract with Wavefield Inseis. The final data will be made available to the industry in due time for the Barbados Concession Round.

According to André Brathwaite, Chief Geologist, Ministry of Energy and the Environment of Barbados, “I am certainly pleased with the joint agreement between the Ministry and Wavefield Inseis. The data produced from this survey has so far proven to be encouraging and I believe that this will generate increased interest in the Barbados offshore potential”

The Wavefield Inseis survey is designed to establish the major hydrocarbon prospective trends in the Barbados offshore sector and the survey grid is in particular designed to delineate the structural relations between the Tobago Basin, the Barbados Ridge and Barbados Trough as well as the northwest part of the Barbados Ridge. This survey will also tie together a modern, deep seismic
data set that will surround the island and provide for important ties both to the onshore geology of Barbados and to the Sandy Lane well located 145 km south of Barbados, just north of the border with Trinidad Tobago.

The agreement with the Ministry of Energy and the Environment also includes training of personnel from the Ministry during the acquisition and processing phases.

Jan B. Gateman, Senior VP G&G of Wavefield Inseis states; “This modern, long-offset seismic campaign will enable explorers to achieve a much better regional understanding of the exploration potential of the Barbados offshore sector, which already has attracted significant interest from many of the international oil companies. The onshore Woodbourne Oil field that has been in production since the 1970’s is in itself a proof of the existence of a mature source rock in this area. Also taking into account the hydrocarbon discoveries in the northern parts of the offshore sector of Trinidad and Tobago, it is very likely that an active petroleum system is present on the Barbados continental shelf”.

The survey data will be promoted together with a comprehensive interpretation study that will tie and calibrate the Barbados offshore basins with both the onshore geology as well as to the adjacent producing basins located in Trinidad Tobago.

Wavefield Inseis AS
Wavefield Inseis is a Norwegian company providing a range of proprietary and non-exclusive multi-client marine geophysical services using highly specified vessels and the latest seismic equipment. From its main office in Bergen, and other locations in Oslo, London, Houston and Perth, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia. The company was founded by a number of the most experienced people in the geophysical industry in order to provide a high quality range of services aimed at increasing the exploration success of its clients and to assist them in maximising production from their existing reservoirs.

Wavefield Inseis' range of services includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquisition. The company is also a full service permanent 4D acquisition provider and will, through a number of strategic alliances, bring new technologies to market to further accelerate and de-risk the replenishment of its clients' reserves.

www.wavefield-inseis.com

For further information contact:
Jan B. Gateman, Senior Vice President, G&G, Wavefield Inseis AS
Tel: +47 67 82 84 08
Email: jan.gateman@wavefield-inseis.com

Or
Erik Hokholt, CFO, Wavefield Inseis AS
Tel: +47 67 82 84 09
Email: erik.hokholt@wavefield-inseis.com

Press contact is Tom Miller at Vector Marketing Communications
Tel: +44 1442 877167
Email: tom.miller@vector.co.uk
Web: www.vector.co.uk