CGGVeritas has announced its participation in the launch of the Republic of Guinea-Bissau's 3rd Licence Round.

Petroguin, the National Oil Company, is concessionaire for Guinea-Bissau and has retained CGGVeritas and First Exchange Corporation to manage data packages and distribute all technical and legal information related to the round.

The round will run from now until April 30, 2007, and covers key acreage, both onshore and offshore Guinea-Bissau.
Commenting on the round, Jim Gulland, CGGVeritas Business Development Manager, EAME Data Library, stated, "This is an important chance for the industry to participate in the exploration of this key region. The potential of the acreage in the round is clearly highlighted by the data package being offered. The seismic, the well correlation studies and the geologic interpretation give unrivalled insight into these under-explored structures."

New opportunities for exploring open acreage are scarce and this round brings a welcome spotlight onto Guinea-Bissau's potential.

Richard Morgan, CGGVeritas Geological Services Manager, commented that, "Maastrichtian and Albian sands offer shelf-based opportunities in closures associated with salt diapirism. Modern salt imaging techniques could bring new life to this under-exploited play; the petroleum system is there, the reservoirs are there, the traps are yet to be found. On the shelf edge and slope, Cretaceous reefs offer further potential particularly where faulting, that defines the shelf margin, provides an additional trap-forming mechanism."

Access to the full details of the licensing round, downloadable maps and the itinerary for data rooms and roadshows are available at the following link: http://www.cggveritas.com/default.aspx?cid=15-59-263 and www.petroguin.com.

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