TGS Provides 2014 Investment Visibility With Three New Multi-Client Seismic
HOUSTON, TX -- (Marketwired) -- 10/23/13 -- TGS announces three new
multi-client surveys; a 3D survey in the Atwater Valley area of the
central Gulf of Mexico, a 3D onshore survey in Alberta, Canada and a
2D survey offshore Newfoundland.
The Francisco 3D multi-client survey in the Atwater Valley area of
the central Gulf of Mexico expands upon the previously announced
survey. Upon completion, the survey will total more than 6,667 km2 of
seismic data in this frontier area of the Gulf of Mexico. Data
processing will be performed by TGS using Clari-Fi(TM) technology, a
proprietary broadband processing technique. Final data will be
available to clients in Q4 2014.
Pendryl, a new 3D multi-client onshore survey covering 320 km2 in
Central Deep Basin in Alberta, Canada will expand TGS' existing
coverage in the emerging Duvernay play. The survey is located
Southwest of Edmonton and is designed to evaluate multiple zones from
Cretaceous to Devonian, including currently producing formations such
as Cardium, Glauconite, Nordegg, Pekisko and Duvernay. The seismic
data will be processed by TGS' Calgary-based subsidiary, Arcis
Seismic Solutions, and final data will be available to clients late
The Northeast Newfoundland Shelf 2D survey covering 5,000 km expands
on the previously announced survey offshore Newfoundland. Upon
completion, the survey will cover 25,000 km in this region of
prolific oil discoveries including Hibernia, Terra Nova, Hebron,
White Rose and the more recent Mizzen, Harpoon and Bay du Nord
discoveries. The survey will be acquired in partnership with PGS and
utilizes PGS GeoStreamer(R) technology. Final data will be available
to clients during Q3 2014.
All three surveys are supported by industry funding.
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 monit
oring and data
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
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:
Chief Financial Officer
Cell: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
Senior VP Western Hemisphere
Tel: +1 713 860 2100
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