SEITEL COMMENCES FIRST INTERNATIONAL 'SHOOT'
SEITEL COMMENCES FIRST INTERNATIONAL 'SHOOT' HOUSTON, April 3 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI SEI.F),
a provider of seismic data to the petroleum industry, announced today that its wholly owned foreign subsidiary, Seitel International, Inc., has commenced the company's first overseas seismic-survey program.
Seitel International is undertaking the overseas program, which is also Seitel's first marine survey, in a 50 percent-joint venture with Spectrum Energy and Information Technology Ltd., a privately owned, British geophysical company. The joint-venture program is a high-resolution, two-dimensional seismic survey in the Colwyn Bay section of the U.K. Irish Sea. The Colwyn Bay survey is within eight kilometers (five miles) of the Hamilton Brothers' significant crude oil discovery in Block 110/13, which was made last summer in a region that is also a large natural gas-producing field. The Colwyn Bay survey is slated to "shoot" approximately 1,200 kilometers (about 750 miles) worth of seismic data, geoscientific information fundamental to exploration and development of crude oil and natural gas. The British Government is expected to announce this summer the acreage-blocks in Colwyn Bay to be nominated for the current 14th U.K. Licensing Round of exploration-lease sales, anticipated to occur in early 1993. The Seitel-Spectrum seismic survey is intended to be completed well in advance of those lease sales, and the two companies are jointly marketing licenses to the survey data. Seismic data provide a detailed depiction of the Earth's subsurface, which is valuable to oil and gas companies interested in bidding on lease-blocks as well as to parties subsequently perusing exploration. Seismic surveys are copyrighted and license to use the data cannot be transferred from one party to another. "Colwyn Bay is the first high-grade, data-creation program conducted in joint venture by Spectrum Energy and Seitel International. We are already jointly marketing to customers a proposed seismic survey of another area as well as planning other programs together overseas," stated Seitel. Spectrum creates and markets international proprietary seismic surveys, and provides image-processing technology and high-quality seismic data processing services from its offices in London and Houston. Seitel creates proprietary seismic surveys and markets high-grade data from its library. Up until now, the company has specialized in the Texas-Louisiana Gulf Coast, onshore. In addition to geographical expansion overseas, Seitel is also expanding this year into more intensive three-dimensional seismic surveys to complement the high- resolution, two-dimensional data that the company has concentrated on to date. -0- 4/3/92 /CONTACT: Jay M. Green, director-investor relations of Seitel, 203-629-1400/ (SEI) CO: Seitel Inc. ST: Texas IN: OIL SU:
TS -- NY028 -- 4779 04/03/92 10:42 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 3, 1992|
|Previous Article:||DELTA CONNECTION, COMAIR ANNOUNCES INTRODUCTORY FARE AND DOUBLE FREQUENT FLYER MILES BETWEEN SPRINGFIELD, ILL. AND CINCINNATI|
|Next Article:||MICHIGAN OTC CHANGES, PROVIDED BY FIRST OF MICHIGAN CORP., TODAY: MARCH 9, 1992|