ASKER, NORWAY (10 May 2017) - TGS and Petroleum Geo-Services ("PGS") announce the expansion of their jointly owned multi-client library offshore Eastern Canada. The new Cape Broyle 3D survey, to be acquired during summer 2017, will comprise approximately 3,500 km2 of 3D GeoStreamer® data in the South Eastern Newfoundland region and builds upon the multi-client 3D campaigns acquired in the region over the last two years. Pre-processing of the initial GeoStreamer signal will be performed by PGS, following which TGS will perform data processing. Final data will be made available to clients in 2018, ahead of the 2019 licensing round under Newfoundland Labrador's Scheduled Land Tenure system.
In addition, in mid-May, TGS and PGS will commence a 2D seismic campaign in East Canada comprising approximately 22,000 km of 2D GeoStreamer data. This is the seventh consecutive year of 2D acquisition by the joint venture in the area. Following completion of these surveys, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and 14,750 km2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.
"This seventh consecutive season of data acquisition will expand our seismic coverage in Newfoundland Labrador where we have a strong track record of success. These projects will provide modern, high quality seismic data to E&P companies to support their drilling activities and prepare for upcoming licensing rounds," commented Kristian Johansen, CEO of TGS.
"We have experienced significant interest for our MultiClient GeoStreamer data in the Newfoundland Labrador area, and continue to position ourselves for upcoming lease sales in this increasingly attractive exploration region", says Jon Erik Reinhardsen, President & CEO of PGS.
These projects are 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, permanent reservoir monitoring 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 principal 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 of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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