TGS Announces Additions to Canada and U.S. Onshore Multi-Client Libraries
ASKER, NORWAY--(Marketwired - Jan 21, 2016) - TGS, through its wholly-owned subsidiary Arcis Seismic Solutions, announces acquisition of the Chickadee 3C-3D multi-client survey covering 190 km2. The survey, located in West Central Alberta represents an expansion of TGS' existing coverage along the Duvernay fairway and is adjacent to the 722 km2 Kaybob-Bigstone 3D survey which was acquired in 2015.
The program is designed to assist in the evaluation and development of multiple zones from the Cretaceous to Devonian, including the prolific Duvernay and Montney. Secondary objectives within the prospective fairway include the Swan Hills, Gething, Notikewin and Gilwood formations.
The survey will be acquired as full-azimuth multi-component (3C) data volume with advanced interpretation products forming part of the deliverables. Recent advances and processing applications developed by TGS will be an integral part of final deliverables and should enhance the value of the seismic for exploration and development purposes. Initial data will be available to clients in Q2 2016.
This project is supported by industry funding.
In addition TGS has entered into an agreement, effective 31 December 2015, with a group of oil and gas companies to acquire an existing onshore 3D seismic project in Oklahoma called Kingfisher. The Kingfisher 3D spans approximately 500 km2 over Kingfisher, Blaine and Canadian counties.
Kingfisher 3D was acquired utilizing similar parameters to TGS' existing Loyal 3D survey. The Loyal and Kingfisher 3D surveys will be merged and will cover approximately 2,000 km2 in the core of the oil window targeting the prolific Meramec, Cana Woodford, Woodford Shale, and Hunton intervals within the commonly referenced STACK play fairway. Separate PSTM volumes of both surveys are available to our clients immediately. The merged volume of the two projects will be available mid-Q2, 2016. Data processing will also be performed by Arcis Seismic Solutions and the resulting data will be exclusively owned by TGS.
"The acquisition of the Chickadee 3D and Kingfisher 3D surveys is consistent with our strategy to grow in prolific and high potential onshore plays in North America through both organic and inorganic investment. Both surveys expand upon adjacent TGS seismic data and are in locations where clients recognize that the application of seismic can deliver significant benefits to their exploration and production activities" commented Katja Akentieva, Senior VP Western Hemisphere for TGS.
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 principle 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".
(January 21, 2016 - 1:50 AM EST)
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