Company Information for PGS Ventures

Company Statement

PGS Ventures provides a unique combination of financial and technical solutions to proactive E&P companies seeking rapid growth. Established in 2008, we provide PGS Data, PGS Services and cash to selected E&P companies in return for shares in those companies, an interest in specific oil & gas assets, or a combination of both.

Embedded within PGS, we are able to leverage the capabilities of the entire global organisation to support our partners extensively with:

• Public endorsements from one of the world’s leading oilfield service companies
• Reduced upfront cash requirements when acquiring seismic services from PGS
• Extensive support during fund-raising rounds, farm-outs, etc
• Access to PGS’ global network for:
  - New opportunities, partnerships, farm-in candidates, etc
  - New recruits, seconded staff, etc
• Access to PGS’ in-house resources for:
  - Reservoir modelling and interpretation
  - Trialling novel techniques
  - Entering new countries

Active within the financial community, we support institutions looking to increase their presence within the oil & gas market.  Financial firms that co-invest beside PGS Ventures know that:

• Asset quality has been assessed by geotechnical experts using first-hand data
• Track record of the management team has been reviewed through our global network
• Business plans have been “sense-checked” against benchmarks compiled globally
• The investee company is:
  - Less dependent on farm-ins to complete critical exploration activities,
  - Able to access seismic services – even in tight markets,
  - Reducing uncertainty by acquiring the highest quality data,
  - Supported by an industry leader with recognized global capabilities

Overview
Petroleum Geo-Services (PGS) offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. We help oil companies to find oil and gas reserves worldwide, offshore and onshore. PGS was founded in Norway in 1991, with 2 seismic ships and some highly innovative ideas on how to reshape the industry. Today we share the same drive to innovate as inspired our founders, though the team is bigger:

• 20 offshore seismic vessels 
• 10 onshore crews on 3 continents 
• 23 data processing centers 
• EM acquisition on land, in shallow and deep water
• PGS has offices in 30 countries with regional centers in London, Houston and Singapore. Our headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE:PGS).

Core Values
Values act as common guidelines for how we interact with our colleagues, suppliers, customers and others we encounter in our day-to-day work.

Leadership in HSE
We strive to establish and maintain best practice HSE culture throughout PGS. Our goal is zero injury to people and no damage to the environment. We work daily to achieve this.

Initiative and innovation
We strive to put forward new ideas, break down boundaries and seek new solutions for PGS and our customers. We always encourage a proactive approach, even at the risk of some failures.

People focus and integrity
We seek transparency in all our dealings and fully subscribe to a high standard of business ethics. We practice involvement, accountability and honesty. We respect and develop people – all of us are valued team members.

Delivery and reliability
We do our utmost to deliver what we promise to each other, to our clients, to our shareholders and society at large.

Operations and Technology

Geophysical Services
PGS acquires, processes, markets and sells high quality seismic data worldwide. Oil and gas companies use this data to explore for hydrocarbon accumulations, to develop new oil and gas fields, and to manage their producing fields.

Marine Acquisition
PGS acquires, processes, markets and sells high quality seismic data worldwide. Oil and gas companies use this data to explore for hydrocarbon accumulations, to develop new oil and gas fields, and to manage their producing fields. PGS operates a fleet of highly advanced seismic survey vessels, supported by a global data processing network. 

Our operations are efficient and safe, with minimum impact upon the environment. Innovation in technology and business is one of the cornerstones of our operations. We nurture new ideas through performance-motivated staff.

Key facts

• We operate the world’s most advanced seismic survey fleet, including the revolutionary Ramform design
• Our library of high quality multi-client data covers data from all the world's major hydrocarbon basins
• We deliver unrivalled project efficiency, safety, turnaround and quality in High-Density 3D (HD3D) operations, including 4D and Wide Azimuth applications
• The highest standards of HSEQ are applied to all our services
• High quality project management services are delivered to every customer
• Our large Geoscience & Engineering division supports and ensures operational efficiency and development of leading-edge seismic technologies, including breakthrough GeoStreamer technology
• Thorough survey planning is the cornerstone of each successful delivery

Onshore Acquisition
PGS offers seismic acquisition in the onshore and transition zone environments through our Onshore business unit. Our high channel count crews, modern equipment and experienced technical staff secure the best data quality with the highest operational efficiency.

PGS’ onshore experience spans a wide variety of terrains and locations.  In the deserts of the Middle East, the jungles of South America, the plains of the central United States, and the Alaskan Foothills, PGS has used HD3D® technology to raise the standards of data quality, providing A Clearer Image of the subsurface geology.  Our clients include independent, international, and national oil companies.

PGS has demonstrated its commitment to HD3D® technology through its investment in its extensive multi-client data library.  We continue to expand our successful data library within the Bossier Trend in the always challenging environment of East Texas and the Anadarko Basin, one of the most prolific gas basins in Oklahoma.  Our library also covers portions of the Texas Gulf Coast and the Alaska Foothills.

Seismic Processing
Our worldwide network of data processing centers offers the flexibility to deliver customized seismic processing services in major centers, in remote locations and on all PGS seismic vessels. PGS has significant experience in all of the world's exploration hotspots allowing us to offer high quality processing services for marine streamer, land, and seafloor data regardless of complexity.

We are known for leading edge technology in multiple suppression, noise suppression and imaging. A comprehensive portfolio for time and depth pre-stack migration provides high quality Kirchhoff, beam and wave equation based algorithms including Reverse Time Migration (RTM). Our advanced 3D Beam velocity modeling and prestack depth migration have significantly reduced the time and costs associated with deepwater exploration in Gulf of Mexico, Africa, Pakistan, and Indonesia.

The PGS advantage:

• Expert people
• Top technology
• Reliable delivery
• Professional processes
• Predictable quality
• Scalable capacity

Electromagnetic Services
PGS EM offers a unique solution allowing Transient Electromagnetic technology to be effectively applied to the detection and delineation of hydrocarbon accumulations. The Multi Transient Electromagnetic (MTEM) method is specifically designed to meet all of the following objectives:

1. Detection and delineation of resistive bodies below the surface of the earth. 
2. Effective from 100m – 3000m depth below the surface
3. Effective on land and in shallow water (<500m deep)
4. Enhanced resolution in depth 
5. Enhanced lateral resolution 
6. Real-time data monitoring and QC
7. Records the electromagnetic impulse response of the Earth
8. Time domain processing techniques analogous to seismic.
9. Full waveform inversion techniques

The resulting system and associated techniques are very different from other commercial controlled source systems more usually associated with exploration in deep water provinces. The requirement to offer a practical and effective method for electromagnetic exploration on land and in shallow water has lead to a number of patent applications being filed on behalf of PGS EM.

Interpretation Services
PGS Reservoir is a fully integrated geological, geophysical, reservoir engineering and petroleum economics team. We offer services designed to maximise the value of oil company assets, from licensing and exploration through to appraisal, development, production and abandonment.

Our main business is advising oil companies, financial institutions and governments around the globe on the evaluation, field development and management of oil and gas assets.

Geographical Spread

South America, Europe, North Africa & the Middle East, Russia & Asia Pacific

Board of Directors and Key Management

Board of Directors:
Francis Gugen	(Chairperson)
Harald Norvik	Board member
Holly Van Deursen	Board member
Wenche Kjølås	Board member
Daniel J. Piette	Board member
Annette Malm Justad	Board member
Executive Team:
Jon Erik Reinhardsen	President and CEO
Gottfred Langseth	Executive Vice President and Chief Financial Officer
Rune Eng	Group President Marine
Eric Wersich	Group President Onshore
Sverre Strandenes	Group President Data Processing and Technology
Other Corporate Management:
Tore Langballe	Senior Vice President & Group Communication
Espen Sandvik	General Counsel
Terje Bjølseth	Senior Vice President Global & Human Resources

Company Address Strandveien 4PO.BOX 89 Lysaker, Norway N-1326 Telephone: +47 67 52 64 00 Email: aaron.deste[at]pgs.com Website: http://www.pgs.com

Additional Address/Key Contact Key Contacts: Aaron D’Este - 0044 1932 376493

Most Recent Statement

03/08/09 - Update on new builds in Spain
23/07/09 - Second Quarter and First Half 2009 Results
23/07/09 - Q2 2009 Presentation
03/07/09 - Vessel Allocation Q2 2009
02/07/09 - PGS Second Quarter and First Half 2009 Webcast and Conference Call Contact Details