1 P067 THE LIMITATIONS OF TIME MIGRATION AND TRACE STRETCH IN THE PRESENCE OF LATERAL VELOCITY GRADIENTS S. KELLY and J. REN Summary This paper quantifies the imaging errors that result from the assumptions of time migration and a preliminary laterally-variable “stretch” of the data in the presence of lateral velocity gradients. The analysis is restricted to media that are approximately homogeneous in the vertical direction with dip in the same direction as for the velocity gradient. It is shown that a time migration that explicitly recognizes the lateral variation in velocity results in underestimation of steep dips by only


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