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TGS : TGS Commences 3D Multi-client Electromagnetic Survey in the Barents Sea



TGS : TGS Commences 3D Multi-client Electromagnetic Survey in the Barents Sea

ASKER, NORWAY (19 June 2013) - TGS in partnership with Electromagnetic
Geoservices ASA (EMGS) have signed an agreement to jointly invest in a 3D
electromagnetic (EM) multi-client survey covering 11 blocks, or approximately
3300 km^2, in the Hoop area of the Barents Sea.

The 3D EM data is being acquired by the M/V Atlantic Guardian. Data will be
available to clients through both EMGS and TGS. The survey is supported by
industry funding.

Under the terms of the previously announced agreement, EMGS will be given
access to TGS' 2D seismic data for survey planning and integration purposes,
while TGS will obtain access to 3D EM data to evaluate and plan subsequent
multi-client work over the area.

"TGS and EMGS are pleased to now join forces in the Barents Sea," commented
Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.  "Both companies have
a strong track record in this area and several case studies have shown the
value of integrating EM and seismic data to reduce exploration risk and
identify new hydrocarbon prospects. This project represents a strong start to
our previously-announced cooperation agreement."

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).

For additional information about this press release please contact:

Kristian Johansen
Chief Financial Officer
Tel: +47 47 60 33 34
Email: kristian.johansen@tgs.com

Will Ashby
Director Investor Relations and M&A
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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This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: TGS via Thomson Reuters ONE
HUG#1710377
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