August 7, 2018 - 11:20 PM EDT
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TGS announces updates to Australian data library

ASKER, NORWAY (8 August 2018) -TGS is pleased to announce that the purchase of the Capreolus 3D seismic survey from Polarcus has been completed. The Capreolus, full broadband 3D seismic survey is 22,130 km2 and covers two hydrocarbon provinces with proven, but underexplored, oil and gas plays both in the Beagle and Bedout sub-basins offshore north-west Australia.

Capreolus 3D includes modern 3D coverage over the Phoenix South and Roc oil and gas discoveries. In addition, Capreolus 3D also spans the Dorado-1 exploration well and Phoenix South-3 appraisal well, currently being drilled. Dorado-1 has encountered light oil in the Caley Member and gas-condensate in the Baxter Member and as of 8 August 2018, light oil has been confirmed at the deeper Crespin and Milne Members.

TGS is also pleased to announce the reprocessing of the Australian Polly 3D seismic survey and neighboring open file data. Acquired in 2013, the Polly 3D covers 7,970 km2 and ties into the adjacent Capreolus 3D survey. The Polly 3D is being reprocessed using the latest broadband PSDM techniques with reprocessed products available from November 2018.

"The combination of the Capreolus 3D with the neighboring reprocessed Polly 3D dataset provides E&P companies with modern contiguous 3D data linking the current Dorado-1 oil discovery to the Acreage Release blocks W18-4 and W18-5 currently on offer" stated Kristian Johansen, CEO, TGS.

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 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 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 (August 7, 2018 - 11:20 PM EDT)

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