Oslo, 30th June, 2016: inApril, the Norwegian offshore technology company, announces today a first commercial agreement potentially worth $25-30 million for Venator, its game-changing, node-based seabed seismic acquisition system.

A letter of intent (LOI) has been signed with the Kazakhstan company GEO ENERGY GROUP LLP (GEG) to supply a Venator system, starting with a test project this autumn in the Caspian Sea. GEG will tender inApril’s Venator system in bids for upcoming major ocean bottom seismic (OBS) contracts.

Last year GEG acquired the interests of Petroleum Geo-Services (PGS) in PGS-Khazar to expand its offshore seismic services within Russia and internationally.

Vidar Hovland, CEO of inApril, said: ‘We welcome this big step in bringing Venator to market. It marks the beginning of a new generation of independent accessible OBS technology.  Oil companies and contractors have long recognized the benefits of the high quality data possible from seabed seismic, but have been put off by the acquisition cost of existing cable and node acquisition technologies.’

‘Venator is a genuinely disruptive technology. It provides the safe, highly automated, rapid acquisition that companies have been waiting for – at significantly lower cost than existing systems.’
Vladimir Telbukhov, CEO of GEG, said: ‘We are pleased to become an early adopter of inApril’s technology. The Venator system’s obvious benefits in cost, efficiency and safety will be of great help in building our company’s seabed seismic acquisition offering and gaining highly competitive position in the market .’
In development since 2012, the Venator node-on-a-rope system, designed to handle more than 10,000 seismic nodes from one vessel, features an unprecedented level of efficiency and hands-free automation.

For further information:
inApril:Vidar Hovland
Chief Executive Officer
+47 9018 3934
vidar.hovland@inapril.com
www.inapril.com
GEG:Vladimir Telbukhov
General Director
+7 701 503 8550
vt1960@mail.ru
www.geg.kz

About inApril AS

Privately held inApril AS, a leading innovator in marine seismic technology for the oil and gas industry, designs and manufactures the complete and fully integrated ocean bottom node based seabed seismic solution, Venator. A total rethink in the design, costs, operational efficiency and safety within seabed seismic acquisition.

About GEOENERGYGROUP LLP

GEO ENERGY GROUP LLP was established in 2005 and now it’s a fully integrated land and marine geophysical company, based in Kazakhstan and operating in the CIS region. The company has more than 10 years of experience in providing a complete portfolio of services to support the exploration, development and production of natural resources onshore and offshore including transition zones and shallow water areas (geophysical acquisition and processing solutions, interpretation and reservoir monitoring). In 2015, the Company acquired 100% interest in the leading Russian marine seismic company PGSKhazar LLC, thereby increasing its capacity, technical equipment and expand the horizons of possibilities