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2014-04-09

Spectrum ASA: Spectrum commence Phase 2 of the Fingerdjupet-Hoop Multiclient survey, Barents Sea, Norway

Spectrum announced today that it has commenced acquisition of the Phase 2
broadband 2D seismic survey in the Barents Sea Fingerdjupet-Hoop area. A
minimum of 4,600 km will be acquired using the vessel Lazarev from SMNG. This
is a continuation of the 2,226 km Phase 1 survey acquired last year. Rock
property products for lithology and fluid prediction will also be provided
for both Phase 1 and 2 to enhance prospect evaluation.

Furthermore, Spectrum is collaborating with ORG Geophysical AS acquiring a
minimum of 5,100 km induced polarization measurements in the same area.
Induced Polarization technology is used in various parts of the world and has
proven its predictive powers in a number of tests conducted on the Norwegian
Continental Shelf in 2012 and 2013. Induced polarization aims to detect and
map highly conductive geological bodies in the shallow subsurface using an
electric current and a number of receivers towed behind a vessel. These
highly conductive bodies are potentially related to micro seepage of
hydrocarbons from deeper lying hydrocarbon fields and the results can
therefore be used to support mapping of hydrocarbon prospects.

This combined product, which is focused on nominated blocks, will provide the
oil companies a unique dataset to evaluate prospectivity of the
Fingerdjupet-Hoop area ahead of the 23rdlicensing round.

The 2D seismic and Induced Polarization surveys are pre-funded by industry.

For more information or questions, please contact

Jan Schoolmeesters, COO, Spectrum ASA
Email:
jan.schoolmeesters@spectrumasa.com
Tel: +47 23 01 49 64, Cell: +47 91 77 79 61

Arne Helland, EVP Strategy and Business Development, Spectrum ASA
Email:
arne.helland@spectrumasa.com
Tel: +47 23 01 49 69, Cell: +47 91 88 78 29

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Fingerdjupet-Hoop MC
http://hugin.info/139450/R/1775844/605722.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Spectrum ASA via Globenewswire

HUG#1775844

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