ASKER, NORWAY, (24 April 2017) - TGS announces new multi-client acquisition project, Crean 3D on the Irish Atlantic Margin.
Crean 3D (CRN 3D) is a multi-client survey of more than 5,400 km 2 located in the South Porcupine Basin between the Porcupine High and the Irish Mainland Platform. Multi-level targets exist, such as Paleocene and Mesozoic channel/fan systems overlying tilted fault blocks. Exploration success on the Newfoundland Labrador conjugate margin coupled with historical exploration in Atlantic Ireland has resulted in significant acreage being licensed. TGS will acquire new 3D data to provide the higher spatial resolution required to delineate multiple plays at multiple levels. Acquisition is expected to commence in June 2017. Data processing will be performed by TGS using its Clari-Fi TM broadband technology.
"Crean 3D will expand TGS' modern 3D coverage in the underexplored Porcupine Basin. With the successful Atlantic Ireland license round in 2016, we see that activity across the Porcupine Basin is continuing to increase, creating exciting new opportunities. The Crean 3D survey further adds to our Atlantic Margins library which also includes data and new acquisition in the Norwegian Sea, North West Africa and Newfoundland Labrador," commented Kristian Johansen, CEO for TGS.
This survey is supported by industry funding.
Company Summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS ).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Sven Børre Larsen Chief Financial Officer Tel: +47 90 94 36 73 Email: sven.larsen@tgs.com
Will Ashby VP HR & Communication Tel: +1 713 860 2184 Email: will.ashby@tgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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