July 20, 2018 - 1:00 AM EDT
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TGS announces expansion of onshore seismic project in North America

Houston, TX (20 July 2018) - TGS announces expansion of its 2018 onshore seismic survey Dawson Phase II in Canada. 

Following additional client commitments, TGS is expanding its Dawson Phase II 3D by approximately 150 km2.  The expansion is to the east of the previously announced program and extends from the province of British Columbia into Alberta. Dawson Phase II will now cover approximately 428 km2 in the prolific Montney shale formation.  

Permitting on the survey has already commenced and data acquisition is expected to begin in Q3 2018. Fast track data will be available in Q1 2019, with final data available Q3 2019. This dataset will be processed by TGS utilizing its modern land imaging technology which includes delivery of shear wave data in order to enhance reservoir characterization.

"Our customers recognize the value of high quality, contiguous data sets as evidenced by TGS' success in expanding the scope of our Dawson survey in the Montney Formation of Alberta and British Columbia.  Modern seismic data is critical to help E&P companies delineate zones for horizontal drilling and multi-stage hydraulic fracturing in the Montney, which is experiencing increased drilling and pipeline infrastructure activity," commented Kristian Johansen, CEO for TGS. 

The project is 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
SVP Investor Relations, 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 (July 20, 2018 - 1:00 AM EDT)

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