Petroleum Geo-Services ASA Starts MC3D Survey Offshore Uruguay

Petroleum Geo-Services ASA announced that it will start acquisition of 15,550 square kilometers of GeoStreamer data in four blocks in Uruguay in mid-December 2012. The seismic vessel Ramform Vanguard will undertake this MultiClient survey, which has received industry support. For blocks 6, 11, 12 and 15 awarded in the second License Round, announced on March 19, 2012, this will complete 3D seismic work program commitments. 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. In Uruguay, the Company will work closely with ANCAP (Administracion Nacional de Combustibles, Alcoholes y Portland) the state owned entity as partner in Uruguay. 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 understanding of the hydrocarbon potential of the region.