Geotrace is Awarded Two Major Processing Projects for PetroCanada from Offshore Trinidad

LONDON/HOUSTON – March 31, 2006 - Geotrace has been awarded the contracts for the processing of two major 3D surveys for Petro-Canada. The seismic surveys have been conducted in Block 22 and Blocks 1a/b, offshore of Trinidad and Tobago .

These new contracts coincide with the opening of Geotrace’s new processing centre in Port of Spain , Trinidad . The majority of the processing on these projects will be done locally. The new centre has Geotrace’s latest state-of-the-art seismic processing software and a compute centre based on a Linux node cluster.

During the processing, which will include Kirchhoff Curved-Ray Pre-Stack Time Migration, Geotrace will be using many of its proprietary 3D tools to process the data.

The Block 22 survey area lies to the North of Tobago and covers an area of approximately 3,200 square kilometers, while the Blocks 1a/b survey area lies just to the West of Port of Spain and covers an area of approximately 1,500 square kilometers.

Bill Schrom, CEO of Geotrace said, “We are delighted to be working with Petro-Canada on these hugely significant 3D projects. Geotrace’s reputation for the timely delivery of data has been a major factor in these awards, and we are sure that our significant previous 3D experience offshore Trinidad and Tobago , along with our commitment to processing the data locally, will ensure the success of these projects.”

For more information, contact Geotrace.