Veritas DGC has underlined its commitment to the North Sea following the award of five new UKCS Promote Licenses to its Veritas Geophysical Ltd. subsidiary.

"The North Sea is an important growth area for Veritas, and our participation in the 22nd round is just one of the diverse business opportunities that we see emerging here," said Robert Hobbs, president of Veritas DGC's EAME Division.

The 22nd Offshore Licensing Round awards cover six highly prospective blocks: 21/3c, 22/22c, 23/26c, 29/4e, 29/4c, and 5c. Veritas Geophysical Ltd. now holds 12 North Sea licenses, following the successful award of seven Promote Licenses in the 21st Offshore Round in 2003.

"The Promote Round is an important initiative to ensure optimization of the UK's offshore resources. Active participation forms a keystone of our commitment to the future of the North Sea," added Richard Morgan, exploration services manager. "This acreage lies within the expanding footprint of our regional long offset 3D program. We will evaluate the blocks using our own new seismic datasets to present drill-ready opportunities to the industry."

Work so far carried out on Veritas Geophysical's 21st round blocks has already unearthed significant previously unidentified reserves. The company is now actively marketing those blocks through its representatives, Stellar Energy Advisors Ltd.

9/23/04