ASKER, NORWAY (11 April 2018) - TGS announces an expansion of its Atlantic Margin multi-client program in the Norwegian Sea. The new AM18 3D Extension, will comprise 5,135 km² of 3D seismic data and covers a variety of play models with stratigraphic and structural traps in Paleocene and Cretaceous turbidite/fan deposits. Acquisition will commence early July and TGS is chartering a Shearwater seismic vessel for this survey.
In addition, TGS will continue to acquire the remaining 7,500 km² from the previously committed area. Acquisition will commence end of May and will be undertaken with Polarcus' Adira seismic vessel. Following completion of this survey, the TGS data library will have more than 45,500 km² of new modern 3D data in the region.
"A significant milestone for TGS in 2017, was the commencement of an extensive 3D survey in the central-southern Norwegian Sea called AM17. The project is the single largest 3D survey carried out by any company in Northern Europe and covers mainly open blocks in a relatively under-explored area with limited drilling to date.
The AM18 Extension falls predominantly within the annual APA licensing round area which is suitable for short-term development. Further offshore licensing and development interest in the area surrounding the producing Ormen Lange gas field is expected through 2018 onwards," said Kristian Johansen, CEO, TGS.
This project is supported by industry funding.
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]
VP HR & Communication
Tel: +1 713 860 2184
Email: mailto:[email protected]
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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