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2014-05-27

Spectrum ASA: Spectrum commences 2D Multi-Client Project in Sergipe Basin offshore Brazil

Spectrum has commenced a 10,000 kilometer Multi-Client 2D seismic survey
offshore Brazil in the Sergipe and Alagoas basins along the Eastern Margin of
Brazil.

The new acquisition program will tie key wells in the Basins, including the
recent Barra, Muriu, and Farfan discoveries in the Sergipe Basin. The
discoveries in the Deepwater area, 3 Billion Barrels Oil in Place and rising,
are in turbidite channel systems of Mid-Cretaceous to Early Tertiary age.

The data is being acquired with a 10,000 meter long offset to record the
necessary information to understand the basins' architecture as well as image
the prospective zones in the mid and lower Cretaceous sections.

The data is being collected by the vessel BGP Challenger and will be processed
in Spectrum's processing center in Houston. PreSTM and PreSDM data will be
available in Q4 2014.

To supplement the new acquisition in this active exploration area, Spectrum
has just completed the reprocessing of 8,130 kilometers of data through both
PreSTM and PreSDM and is also offering this data to industry in order to get
a head start on the expected upcoming round in 2015.

Richie Miller, EVP Multi-Client North&South America, comments: "Following on
from our successful Equatorial Margins campaign for Round 11, we have
commenced the Sergipe 2D program. We have experienced good client interest
due to the lack of existing modern seismic data in the deepwater and
ultradeepwaters. We are confident that the data will be highly valuable for
the industry ahead of the next licensing round in the area."

The survey is supported by industry funding.

For further information or questions, please contact:

Jan Schoolmeesters, COO, Spectrum ASA
Email:jan.schoolmeesters@spectrumasa.com

Tel: +47 91 77 79 61

Richie Miller, EVP Multi-Client North&South America
Email:richie.miller@spectrumasa.com

Tel: +1 281 698 8850

Arne Helland, EVP Strategy&Business Development
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.

Sergipe release
http://hugin.info/139450/R/1788490/614461.pdf
Sergipe layout
http://hugin.info/139450/R/1788490/614462.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#1788490

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