news issue sixty five Q2 2015

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1 news issue sixty five Q Exploration Sans Frontières Unique Cross Border survey in Namibia and South Africa BREAKING NEWS Spectrum to increase 2D library by 115% following the acquisition of Fugro s Seismic library...more follows p3 ALSO IN THIS EDITION... Pelotas Basin New 2D Offshore Seismic... 2 Spectrum in deal to acquire Fugro s Seismic Libary... 3 New Frontier area, Offshore Mexico Deep Water Yucatan... 6 Rocket, Western new program in under explored area.. 6 Offshore Uruguay Deep Water Infill... 8 spectrumgeo.com MULTI CLIENT SEISMIC IMAGING

2 Americas Brazil, NW Europe Pelotas Basin, Brazil Spectrum Commences New Offshore 2D Multi-Client Seismic Project 65 issue65 BREAKING NEWS STOP PRESS BREAKING NEW Spectrum to double its Multi-Client library following agreement to acquire Fugro data On 1 June, Spectrum entered into an agreement for the acquisition of Fugro s Multi-Client library for a price of USD million on a cash- and debt-free basis. The transaction is fully funded through a combination of bank debt and a fully guaranteed share issue. Spectrum will, after the transaction, increase its 2D library by 115% in line km and increase its market position within 3D multi-client market. The new combined Spectrum library will exceed 3.0 million km of 2D Multi-Client seismic data covering all major sedimentary basins worldwide. The company will have stronger positions in Brazil and Norway and have 2D data coverage in almost all oil and gas regions. The acquisition also gives Spectrum an attractive position within 3D multi-client data in, Norway and the Netherlands. Thus, the Transaction significantly increases Spectrum s global footprint and diversification both with regards to geography and product offering. Brazils diverse coastline Data available New Acquisition Licensed Areas This is a strategic game changer for Spectrum. It significantly strengthens our position both within MC2D and MC3D in key offshore O&G basins with high hydrocarbon prospectivity, regular license rounds and political stability. The Fugro library complements Spectrum s library with minimal overlap and increased scale will yield material synergies. Rune Eng, CEO, Spectrum Spectrum is adding to its library a 12,000 km Multi-Client 2D seismic survey offshore the Pelotas Basin of Brazil. The new acquisition program, conducted in cooperation with Schlumberger, will infill both Spectrum s new 7,438 km survey acquired in 2013 and 12,000 km of data reprocessed in 2014, covering open acreage in the Pelotas Basin and providing industry with over 31,000 km of new data in the area. Acquisition is being performed by the vessel BGP Challenger and will be processed in Spectrum s Houston processing center. Both the Pre-STM and Pre-SDM data will be available in early Q Detailed analysis of the existing open We believe our positioning to commence this survey fits within the timelines of our clients of delivering quality data early in the round evaluation process... Spectrum will deliver over 56,000 km of 2D data to industry for these areas Richie Miller, Executive Vice President, Spectrum Americas seismic grid in the Pelotas Basin has revealed details on the depositional systems. Numerous extensive clastic units have been identified with good trapping and reservoir potential. These observations, combined with evidence of direct hydrocarbon indicators and seeps, make the Pelotas Basin one of the most attractive, underexplored petroleum provinces along the Atlantic Margins. Spectrum Executive Vice President, Richie Miller, commented: We believe our positioning to commence this survey fits within the timelines of BGP Challenger our clients of delivering quality data early in the round evaluation process. Along with our latest campaign in the Sergipe and Alagoas Basins, Spectrum will deliver over 56,000 km of 2D data to industry for these areas. FURTHER DETAILS ON THE TRANSACTION As part of the Transaction, Spectrum has entered into a share purchase agreement and an asset purchase agreement with Fugro N.V. ( Fugro ), where the Company has agreed to acquire three subsidiaries of Fugro holding the Fugro Multi-Client data library (the Transaction ). In addition Spectrum will acquire certain Multi-Client library assets in the US. The scope of the transaction includes the entire Fugro Multi-Client library, with the exception of certain non-transferrable items. No employees from Fugro will be transferred to the Company as part of the Transaction. The purchase price for the Library is USD 115,000,000 to be settled in cash. The Company s Board of Directors plan to propose to an Extraordinary General Meeting ( EGM ) that the Company shall finance the cash consideration for the Library by a combination of bank debt and issuance of new shares in the Company through a Private Placement. Completion of the Transaction and the Private Placement is subject to approval from shareholders at an extraordinary general meeting ( EGM ) to be held on or about June A majority of the shareholders representing 59.0% of the share capital in Spectrum have already undertaken to vote in favor of the transaction at the EGM. BREAKING NEWS STOP PRESS BREAKING NEW 2 issue 65 issue 65 3

3 Africa issue65 65 Botswana Tshabong Mmabatho N ODP 1084C Luderitz Basin 438 km ODP 1085B Orange Basin S Skeleton Coast Namibia Luderitz Namibia Keetmanshoop Tertiary sediments Cretaceous mega-slides 5.00 Basement High 6.00 Spectrum s unique 2D Multi-Client survey provides a full grid of coverage across the border between Namibia and South Africa NAMZA Cross Border Survey Phase 1 NAMZA Cross Border Survey Phase 2 Spectrum Existing Seismic Library River Orange Sediment Fan River Cape Town Orange South Africa Kimberley 1 Kudu type: Barremian-Hauterivian aeolian sandstones intercalated with flood basalt layers 2 Aptian basin floor fans draped on structural high 3 Aptian carbonate shelf edge 4 Aptian carbonate shelf edge 5 Albian channels 6 Late Cretaceous channels 7 Albian basin floor fans 8 Outer High plays: Sands draping and carbonates build up 9 Late Cretaceous sand channels and basin floor fans 10 Late Cretaceous sand channels within gravity driven systems Oceanic Crust Aptian source SDRs Outer High Ceno Turonian source Aptian source Hauterivian or bider syn-rift source Syn Rift AX-1 Gas discovery Exploration Sans Frontières New Seismic Links Namibia with South Africa 0 100Kms Kudu KEY Shelfal Gas Systems & Plays Distal Oil Systems & Plays Syn-rift Oil Systems & Plays Significant Gas Wells Significant Oil Wells South Atlantic Ocean Namibia Cape Town Africa Botswana Area of Map South Africa In what s believed to be a first for the region, Spectrum s latest 2D Multi-Client survey offshore western Africa offers a unique perspective of the central Orange Basin by providing a full grid of coverage across the border between Namibia and South Africa. The 6,000 km seismic program links key wells and discoveries on either side of the border. Many observers believe that the extraordinary oil and gas potential offshore Namibia and South Africa has yet to be fully realized, while new exploration technologies and new seismic are rejuvenating this margin. Results from wells drilled by HRT provide a proven, working source in the area which supports evidence from abundant oil seeps, basin model studies and high resolution seismic from All of which underpin excellent prospects for future exploration drilling campaigns. This exciting new program has come as a result of collaboration between Spectrum and the respective 65,000 km high quality, modern 2D seismic... 30,000+ km new long-offset 2D Seismic... 10,000+ km processed through full Kirchhoff PSDM sequence hydrocarbon authorities in the region, Namibia s NAMCOR and South Africa s PASA, both of which have active and on-going offshore exploration opportunities. Spectrum is now able to offer over 65,000 km of high-quality, modern 2D Multi-Client seismic from the Orange to the Naimbe Basins following extensive long-offset acquisition programs between 2012 and Spectrum has acquired over 30,000 km of new long offset 2D seismic within the Luderitz and Orange Basins offshore Namibia and South Africa. All data is processed through full PSTM and includes angle stacks and AVO products. Over 10,000 km has also been processed through a full Kirchhoff Pre-Stack Depth (PSDM) sequence. In addition, over 30,000 km of high-quality legacy 2D Multi-Client seismic offshore Namibia is available from Spectrum in eight individual surveys. This vintage data includes a 1989 regional survey, a 2003 prospectspecific survey acquired in the northern Walvis Basin and a comprehensive suite of surveys around the Northern Orange and Luderitz Basins. The survey is supported by industry funding. 424 issue 65 issue 65 5

4 Central America Mexico, Asia Pacific issue65 65 West Coast Spectrum Rocket D Multi-Client GA Houtman 2D Multi-Client Rocket Phase D Multi-Client Key Wells Western Campeche-Yucatan Regional (12,200 km) Spectrum Data Library Big Wave Seismic Surveys (Spectrum owned) Mexico Blocks Offshore Mexico Yucatan Deepwater Spectrum has entered into a cooperation agreement with Schlumberger, the world s leading provider of oilfield services to the upstream E&P industry, to jointly acquire Spectrum s offshore Mexico Yucatan Deepwater 2D Phase 1 Multi-Client program. The cooperation agreement includes more than 12,000 km of regional 2D seismic data in the new frontier Yucatan area. The new 2D regional program provides a seamless tie to Spectrum s Big Wave Multi-Client program in the Mississippi Deep Fan area in the US part of Gulf of Mexico. The long offset 2D survey was designed to best illuminate the complex structures located in the deep water area. Richie Miller, EVP Multi-Client North & South America, comments: Spectrum is pleased to have the opportunity to partner with Schlumberger on this unique program, which leverages both Spectrum s expertise with 2D regional programs worldwide and Schlumberger s extensive geological and geophysical knowledge. Schlumberger has been continuously present in Mexico, supporting customers for a broad range of services, since We believe that the Mississippi- Campeche regional program will reveal exciting new exploration opportunities, given its location adjacent to the highly prospective Mississippi Deep Fan in the US part of Gulf of Mexico. Introducing Rocket, a new Multi-Client program offshore Western In January 2015, Spectrum commenced the first phase of a planned 11,000 km Multi-Client 2D seismic survey in the South Carnarvon and North Perth Basins, offshore Western. This initial phase comprised 4,200 km and the survey has since received strong support from the industry. This acquisition program, named Rocket, was designed to complement the recently-acquired Geoscience research survey in the Houtman Basin and was successfully tied with the Herdsman 1 and Pendock 1 wells. Several major source rocks are present in this underexplored area throughout both basins in 11,000 km Broadband 2D Seismic Complements Geoscience survey, Houtman Basin Ties Herdsman - 1 and Pendock - 1 wells Pre-STM and Pre-SDM products Available end Q Mesozoic and Palaeozoic units. These have been proven to source reservoirs in the North Carnarvon Basin. There are several potential reservoir units present throughout the basins along with ample potential trapping structures formed by the large scale faulting and folding from continental break-up. Spectrum intends to fully unlock the potential of this region through this seismic program. Data for this survey will be acquired utilizing a deep tow cable and then processed by DownUnder GeoSolutions in Perth, utilizing their DUG Broad Deghosting. Pre-STM and Pre-SDM will be available, complemented by a multi-beam seep study at the beginning of Q The survey has significant support from Total E&P, through valued technical input on the survey design, acquisition parameters and will be involved in the processing. Jane Conder, Spectrum s Commercial Director for the region commented: This is an exciting acquisition kicking off our project plans for 2015, which will be further developed by extending down into the Perth Basin. We are pleased to be able to bring this newly acquired data to the market. 6 issue 65 issue 65 7

5 South America Stop Browsing, Start Exploring Spectrum s corporate website has had a complete upgrade for Our web development team have taken an entirely new approach to the function and content of the site in order to demonstrate the range of benefits and expertise that the company can now provide, above and beyond simply selling Multi- Client seismic data. Rather than just browsing product details, we wanted to introduce visitors to the wealth of opportunities that our geoscience teams are constantly uncovering and presenting to a global oil and gas clientele, using Spectrum s 1.4 million km library of seismic data. Hence, alongside an interactive view of our global Multi-Client library one of the largest of its kind we also present a broad geological knowledgebase of the world s most exciting hydrocarbon regions. Features include an introduction to the world s most promising offshore basins (our Knowledge Map ), a comprehensive library of all our published technical papers/ articles and a news feed featuring the latest important industry developments. The new website is now live. Start exploring at spectrumgeo.com Spectrum Occupy New Building in Houston s Energy Corridor At the end of March 2015, Spectrum Geo Inc moved to new offices. The headquarters of our US operations have relocated to the recentlyconstructed Energy Tower IV within Houston s Energy Corridor along the I-10, west of central Houston. The building has been fitted with state of the art networking, communications Offshore Uruguay: Multi-Client 2D Deep Water Seismic Infill At the end of 2014 Spectrum commenced a 3,600 km Multi- Client 2D seismic survey offshore Uruguay. The acquisition program was able to infill Spectrum s existing survey, acquired in 2013, and cover open, ultra deep water acreage in the Oriental del Plata and Pelotas Basins. This survey was conducted in anticipation of the third licensing round in Uruguay, expected to be held in Richie Miller, EVP Multi-Client North & South America, commented: Continuing on with our strong and conferencing facilities. The new contact details for this office are Spectrum Geo Inc Katy Freeway, Suite 900, Houston, Texas 77079, USA Telephone: Fax: relationship with ANCAP, Spectrum will be providing new long-offset data for the upcoming Round 3 in Following on from the successful 2013 survey, we are confident that this infill project will be well received by industry and provide the needed information for a successful round next year. The data will be processed in Spectrum s Seismic Imaging center in Houston. Both PreSTM and PreSDM imaging is due for completion Q The survey is supported by industry funding. Norway Spectrum ASA mc-nor@spectrumgeo.com United Kingdom Spectrum Geo Ltd mc-uk@spectrumgeo.com United States Spectrum Geo Inc mc-us@spectrumgeo.com Singapore Spectrum Geo Pte Ltd mc-asia@spectrumgeo.com Spectrum Geo Pty Ltd mc-au@spectrumgeo.com 48 issue 65 spectrumgeo.com