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Zurich, Switzerland, Oct 25, 2007 - (Hugin via ABN Newswire) - Industry vote applauds technology achievements
(October 24, 2007) Spectraseis has won the 2007 World Oil Award for Best Exploration Technology.
The prestigious annual award was announced before close to 350 industry leaders at a black-tie gala dinner in Houston, Texas on Wednesday October 17, 2007.
Spectraseis was recognized for its advanced low frequency signal processing technologies used to identify and delineate hydrocarbon reservoirs from the surface without drilling.
"The World Oil Awards showcases the tremendous innovation and technological breakthroughs driven by the global petroleum industry," said John "Rusty" Meador, President and CEO of Gulf Publishing Company. "It's a way for the industry to come together to recognize their peers and to continue to inspire the best and the brightest to join the ranks of this global business."
Spectraseis is the second company backed by StatoilHydro to win the award in the past five years, after emgs took home the trophy for Best Exploration Application in 2003.
About the World Oil Awards The World Oil Awards, now in its fifth year, exists to recognize outstanding accomplishments, applaud and showcase innovative thinking and foster new leadership in the oil and gas industry. This year's program featured 12 award categories spanning virtually all aspects of the upstream industry, from Best Drilling Technology to Best Outreach Program, and drew candidates from throughout the globe. En masse, the 12 categories represent the greatest innovators and innovations in global upstream petroleum industry.
About Spectraseis Zurich-based Spectraseis is the principal technology and service provider in the fast-emerging field of low frequency passive seismic geophysical surveys to help oil and gas companies more efficiently find and produce hydrocarbon reserves. Spectraseis researches and applies proprietary technologies, on land and offshore, to acquire and analyze low frequency (<10 Hz) seismic background waves continuously present in the Earth's subsurface in order to identify spectral attributes indicating the likely presence or absence of hydrocarbons within a survey area. The resulting information can greatly reduce the risk and improve the success rate of costly oil exploration and drilling activities and improve decision-making throughout the life of a field. Broad adoption of the company's technology by the global oil and gas exploration and production industry can be expected to save billions of dollars each year which is currently expended on non-productive exploration surveys and dry wells, as well as significantly improve the industry's environmental performance. Spectraseis was established in 2003 and is privately held. Hydro Technology Ventures AS, a unit of Norwegian oil and gas giant StatoilHydro, owns 22%. www.spectraseis.com
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For further information, contact:
Ross Newman Chief Executive Spectraseis AG Tel. +41 43 500 5828 or +41 78 697 5888 ross.newman@spectraseis.com
