HOUSTON, TEXAS (24 August 2018) - TGS announces its latest multi-client project in the Delaware Basin, Quail Ridge East, which will be conducted in collaboration with Fairfield Geotechnologies. The collaboration also includes an Area of Mutual Interest (AMI) for further joint opportunities in the area.
The Quail Ridge East 3D survey is optimally located on the north flank of the Delaware Basin, extending TGS' current data portfolio to cover a minimum of 330 km 2 in Western Lea County, New Mexico. The area draws strong industry attention with proven production from multiple stacked zones including the prolific Delaware Sands, the Avalon, the Bone Spring, the Wolfcamp A through D and the Strawn-Atoka.
Quail Ridge East benefits from the latest advances in land imaging technology and will provide the E&P industry with critical information to support exploration and production activity in a high-priority region. This new survey is accompanied by over 14,000 wells from TGS' expansive well data library in addition to its formation tops database, updated well performance data through the Longbow TM solution and Basin Temperature Modeling (BTM) products.
The TGS-Fairfield Geotechnologies AMI extends across the north half and east side of Lea County and into the west side of Winkler County, Texas, covering an area of 5,179 km 2 bordering TGS' West Kermit 3D survey to the south. The Quail Ridge East 3D and the AMI cover areas of exceptional prospectivity along the basin flank and on the Central Platform and Northwest Shelf. There is proven production in this region from multiple zones with high-resolution seismic opening renewed structural play potential. The Quail Ridge East 3D survey, together with the future opportunities with Fairfield Geotechnologies under the AMI, build upon TGS' three existing surveys in the region and aim to bridge the gap between the Delaware and Central Basin Platform.
"We are excited to further develop our growing coverage in the Delaware Basin. TGS has a strong track record of success in developing and delivering projects in unconventional plays and this collaboration with Fairfield Geotechnologies further strengthens our ability to deliver increased customer value through an expansive suite of products in this coveted region," commented Kristian Johansen, CEO, TGS.
Acquisition on the Quail Ridge East survey has commenced and will be performed by Dawson Geophysical. Data will be processed by TGS utilizing TGS' modern land imaging technology with preliminary data available Q2 2019.
The survey is supported by industry prefunding.
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 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 SVP Investor Relations, 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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