May 23, 2017 - 1:50 AM EDT
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TGS and PGS Ramp Up 3D Activity Offshore Eastern Canada

ASKER, NORWAY (23 May 2017) - TGS and Petroleum Geo-Services ("PGS") announce two new multi-client 3D seismic projects offshore Eastern Canada. Following on from the recently announced 2017 2D seismic campaign and the Cape Broyle 3D, the joint venture is now ramping up its 3D seismic acquisition in Newfoundland Labrador with these additional projects, reflecting high customer interest in this region.

East Flemish Pass 3D Phase II is a 1,950 km2 extension of a 3D survey that was acquired by the joint venture in 2016 in the Eastern Newfoundland region.  The survey will extend eastwards into block EL1150 which is expected to see drilling activity in the future.

Harbour Deep 3D will comprise a minimum of 2,700 km2 of 3D GeoStreamer® data in the Eastern Newfoundland region covering a mix of held and open acreage to be included in the November 2018 licensing round under Newfoundland Labrador's Scheduled Land Tenure system.

Following completion of these surveys the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and 19,400 km2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation. 

"Newfoundland Labrador continues to attract high interest from E&P companies.  We have built significant geological and operational experience in this region over many years which, combined with the leading multi-client data library, positions us well to support E&P companies in their drilling and exploration activities," commented Kristian Johansen, CEO of TGS.  

"Our growing MultiClient data library benefits the oil companies exploring this high potential area, and makes us well positioned for upcoming license rounds. This will be our most active season in the Newfoundland Labrador region to date, reflecting high customer interest," says Jon Erik Reinhardsen, President & CEO of PGS.  

These projects are supported by industry funding.

 

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 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".

 

For additional information about this press release please contact: 

Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected] 

Will Ashby
VP HR & Communication
Tel: +1 713 860 2184 
Email: [email protected] 

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire


Source: Thomson Reuters ONE (May 23, 2017 - 1:50 AM EDT)

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