Acquisition of Australian

Seismic Brokers

16th March 2010

CAUTIONARY STATEMENT

This presentation contains both statements of historical fact and

forward looking information. Any forward looking information is based

on management assumptions and analysis and are subject to risks and

uncertainties that are difficult to predict as they relate to events and/or

circumstances in the future.

Actual results and events may differ materially from those expected or

projected in the forward looking statements. Spectrum undertakes no

responsibility or obligation to update or alter forward looking

statements.

This presentation should be read in conjunction with the 4th Quarter

2009 earnings release issued by Spectrum on 19th February 2010.

Summary of transaction and why Australia?

Spectrum buys 100% of Australian Seismic Brokers with 18 employees in

Perth and Jakarta

Spectrum’s existing MC library will increase 60% to 400,000 km of 2D MC

The combined Spectrum and ASB library will be 55-60% of existing 2D

MC in Australia. A total of 180,000 km in Australian waters

Australia currently produces 1.1-1.2 mboe/day and has 9 million sq km of

prospective sedimentary basin area

Only 9,500 exploration and appraisal wells have been drilled in Australia

to date i.e only one well for every 950 sq km

Australia’s short distance to Asian growth markets, huge “virgin oil and

gas exploration potential” and the increasing existing infrastructure should

lead to high seismic activity

The combined library is a strong platform for Spectrum to invest in

new/reprocessed MC data in Australia

Key Data Australian Seismic Brokers

ASB established in 1988 in Perth Australia

Australia’s largest 2D MC data base

• 150,000 km PSTM data

• 2.3million km analogue data library

• Over 1,500 well completion reports, covering 15% of Australian wells

drilled to date.

6 employees in Perth (focus on MC projects and sales) 12 employees in

Jakarta (Seismic Data Processing)

ASB Financials

Revenue of $1.47 million in 2008/09

ASB accounting policy to “write down” the

cost of processing/reprocessing of data library

in the (financial) year incurred. A “100%”

amortisation policy

Spectrum accounting policy is to capitalise

costs and amortise against expected sales or

the defined minimum policy

Jakarta processing costs not capitalised in

2009 = $327k

ASB adjusted EBITA for 2009 = $412k

2007/08

$000’s

2008/09

$000’s

Revenue (net) 2,177 1,479

Opex 1,126 1,067

Jakarta 248 327

EBITDA 803 85

Depreciation 35 37

Operating profit 768 48

Adj: EBITDA –

SPU policy

1,051 412

Fixed Assets 84 74

Net WC (147) (189)

Cash 115 14

Note: Financial year end is 30 June

Structure of Consideration

Initial payment of $1.36 million

Year 1 Earn out

• Earn out value of $0.44 million

• Net Sales required = $2.2 million

Year 2 Earn out

• Earn out value of $0.2 million

• Net Sales required = $2.7 million

Maximum consideration = $2.0 million

Retention bonuses for key employees after 3 years

Spectrum are buying ?

Existing data base:

• 2D seismic data library

• Extensive analogue data library

• Well Log reports

Experienced people

• A MC team of 6 in Perth

• A Data Processing team of 12 in Jakarta

Relationship and 22 years history of transactions with all the active

E&P companies in Australia

Reprocessing opportunities

• ASB has “under-invested” in its existing library and in new data

over the last 2-3 years.

Platform for growth and new investments for Spectrum MC

ASB Seismic Database (By data category)

kilometres

ASB Database Australian/International Distribution

Analog Aus

Analog Int

Merged 3D Aus

Migrated Aus

Migrated Int

Other 2D Aus

Other 2D int

PSTM Aus

PSTM Int

Vectorized Aus

Vectorized Int

WIP Aus

Spectrum – ASB Joint Venture Library (PSTM)

Pre Acquisition

Combined Spectrum + ASB NW Australia Library (PSTM)

Spectrum only ASB databaseSpectrum /ASB joint 2010 projects

Combined Australia Data (Analogue + Digital)

Spectrum only ASB databaseSpectrum /ASB joint 2010 projects Other ASBdata

Competitor NW Australia 2D PSTM database

0

40,000

80,000

120,000

160,000

200,000

In Progress

Current

kilometres

Spectrum and ASB Data Libraries in Far East

kilometres

Spectrum Multi Client Strategy

High quality data in frontier regions

Library of 400,000 km of 2D data (includes ASB)

Organic growth plans for additional 70-80,000 km of

MC 2D data during 2010 either with new acquisition or

reprocessing

MC investment planned at $20 million in 2010 ($13.2 in

2009)

Possible inorganic growth opportunities

• Buying companies (ASB is first acquisition)

• Identify and purchase “under-valued” libraries

2009 Financial Highlights & Subsequent Events (Unaudited)

Gross Revenue of $43.39m

EBITDA of $12.55m

Investment of $13.2m in Multi-Client library library

Revenue of $22m from Multi-Client

Repay debt of MNOK 150 (for MNOK 50)

Positive cash flow from operations

Working capital reduced by $2.4m (19%)

GGS Atlantic engine damage leading to EBITDA

loss of $1.7m in Q4

Reclassification completed

Private Placement in Jan 2010 of 6m shares @ NOK13.5 raised $13.25m(net)

Repair issue of 1.5m shares @ NOK13.5 closes 18 Mar 2010

Spectrum Legal Structure

Spectrum ASA

Spectrum -Brasil

Spectrum Geo Pte Ltd -

Singapore

Spectrum Geo Ltd - UK

Spectrum Geopex - 50%

JV Egypt

Spectrum Geo Inc - US

Spectrum -China

Geo Bridge Pte Ltd - 50% JV Singapore

Australian Seismic

Brokers Pty