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Wavefield Seismic Exploration in Oilex Block of JPDA

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Wavefield Inseis Secure Projects In Asia Pacific Region (11/07)

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Oilex 3D to start in East Timor (1/08)

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Wavefield Inseis Secure Projects In Asia Pacific Region

Lysaker, Norway, July 9, 2007 - (Hugin) - Wavefield Inseis is delighted to announce that it has been awarded two large marine 3D seismic surveys in the Asia Pacific region.

Australian oil and gas company Oilex (JPDA 06-103) Ltd on behalf of its Joint Venture operating in the Joint Petroleum Development Area between Timor-Leste and Australia have awarded Wavefield Inseis a survey that is anticipated to take in the order of 2 months to complete and which will be acquired by one of the company's large capacity 3D vessels.

Wavefield Inseis has also secured a large 3D seismic survey for its vessel offshore Indonesia through its partnership with Elnusa Geosains. This survey, for another oil and gas major, is expected to take approximately 3 months and is due to start later this year. Bothe surveys will require the vessel to tow 10 streamers, each 6000m in length, and dual sources.

"We are proud to have been selected for these two projects." Stated Rick Donoghue, Wavefield Inseis VP Marketing and Sales. "These are our first projects in this area and so we are now looking forward to a long and successful association with the E&P industry in the Asia Pacific region."

About Wavefield Inseis ASA Wavefield Inseis ASA is a Norwegian marine geophysical company providing proprietary data acquisition services and offers a portfolio of non-exclusive Multi Client data to the global exploration community, developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston and Perth, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia.

For further information, contact:
Rick Donoghue, Vice President Marketing and Sales, Wavefield Inseis ASA Tel: +44 1293 897466 Email: rick.donoghue@wavefield-inseis.com
   or
Erik Hokholt, CFO, Wavefield Inseis ASA Tel: +47 67 82 84 09 Email: erik.hokholt@wavefield-inseis.com

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Oilex 3D to start in East Timor

Upstream (Norway), January 1, 2008

Oilex expects to start a major 3D seismic survey before the end of March across Block 06-103 in the joint petroleum development area shared by East Timor and Australia, writes Russell Searancke.

The Australian operator said the Maura 3D survey would be shot by the Wavefield Inseis vessel Geowave Champion, and will cover 1657 square kilometres.

It is expected to start in the first quarter of 2008, depending on the vessel's current work commitments.

"With the purchase of modern third-party 3D data and the addition of the new 3D data to the existing data set, the (joint venture) will have a comprehensive seismic database over the entire prospective area of the block by mid 2008," said Oilex.

The company added it is hoping to drill two wells in the fourth quarter this year.

The partners, each on 25%, are operator Oilex and Indian trio Gujarat State Petroleum Corporation, Videocon Industries and Bharat Petroleum.

The block is east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang fields and north of the Bayu-Undan field.

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The Timor-Leste Institute for Development Monitoring and Analysis (Lao Hamutuk)
Institutu Timor-Leste ba Analiza no Monitor ba Dezenvolvimentu
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P.O. Box 340, Dili, Timor-Leste
Tel: +670-3321040 or +670-77234330
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