June 1, 2018; Oslo, Norway: PGS has in partnership with TGS commenced a new 3D MultiClient project in East Canada. The new Tablelands 3D GeoStreamer® survey will cover approximately 8,000 km² in an active Newfoundland area of the Flemish Pass and Orphan Basins. Acquisition is expected to complete in late Q3 2018.
Following this eighth consecutive season of data acquisition offshore East Canada, the jointly owned library will have more than 175,000 km of 2D GeoStreamer data and approximately 36,500 km 2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced MultiClient interpretation products that will improve play, trend and prospect delineation.
"Tablelands 3D will expand PGS data coverage offshore East Canada with high quality seismic data to an area that is highly relevant for exploration in the attractive Newfoundland basins. The area has proven reservoirs of excellent quality, combined with transparent fiscal terms and a predictable land tenure system," said Rune Olav Pedersen, President & CEO of PGS.
Pre-processing of the initial GeoStreamer signal will be performed by PGS onboard its vessel, Ramform Hyperion , following which TGS will perform data processing using its Clari-Fi(TM) broadband technology. Fast-track data will be available in Q4 2018 with final data in Q2 2019. The survey area will be seamlessly merged with the Long Range 3D project acquired in 2017.
This project is supported by industry funding.
For details, contact: Bård Stenberg, SVP IR & Communication Mobile: +47 992 45 235
**** PGS (or "the Company") is a focused Marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on Petroleum Geo-Services visit www.pgs.com .
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2017. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
