UPDATE - Successful Completion of 2015 Seismic Acquisition Season in Offshore Newfoundland Labrador
HOUSTON, TX--(Marketwired - Nov 12, 2015) - TGS is pleased to announce the completion of the fifth consecutive acquisition season offshore Newfoundland Labrador in partnership with PGS. The successful 2015 season was the biggest yet with the acquisition of over 27,000 km of 2D multi-client seismic data and two multi-client 3D surveys, both in excess of 4,000 km2.
The joint venture library in this region is now approximately 112,000 km of modern, long offset, broadband 2D seismic data and 9,000 km2 of 3D seismic data in addition to 83,700 km of TGS vintage data, well log and interpretive packages.
"In 2015, through the joint venture, we acquired more multi-client seismic data than we have ever previously achieved in a single season in this area. It was also our first multi-client 3D data over open acreage under the Scheduled Land Tenure System and our first multi-client 3D data over leased acreage to fulfill a work program obligation. The first Newfoundland Labrador Scheduled Land Tenure Call for Bids (NL15-01EN) closes today. Nalcor Energy recently revealed the results of its resource assessment in this area which showed the potential for up to 12 billion barrels of oil and 113 trillion cubic feet of gas in place. To complement this assessment, we are pleased to offer E&P companies a unique insight into the petroleum systems of the region. " 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".
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Source: Marketwired (Canada)
(November 12, 2015 - 10:30 AM EST)
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