HOUSTON, TX (6 September 2016) - The Ministry of Industry, Energy and Mining (MIEM) of the Republic of Uruguay has been authorized by the President of the Republic to allow the Administración Nacional de Combustibles, Alcoholes y Portland (ANCAP) to contract directly with TGS for the purpose of standardization and commercialization of a multi-client well data program for exploration wells in Uruguay.
This partnership with TGS supports Uruguay's long-term exploration strategy that was launched in 2007 incorporating participation and risk-sharing by international E&P companies. A number of major international companies are now active in this region. Four exploration wells are expected to be drilled next year in the underexplored frontier Cuenca Norte onshore sector of the regional Chaco-Parana basin.
"We are excited to add Uruguay's well data to our ever expanding global well log library," noted John Adamick, Senior VP Geological Products. "The partnership between TGS and ANCAP will provide extensive access to technical data that will enhance exploration in Uruguay."
TGS' global well database includes over eight million logs and other borehole data from key hydrocarbon provinces worldwide. The data is available online via LOG-LINE Plus!®, a data repository with search, order and download capabilities.
TGS' global well database includes over eight million logs and other borehole data from key hydrocarbon provinces worldwide. The data is available online via LOG-LINE Plus!®, a data repository with search, order and download capabilities.
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 Borre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com (mailto:sven.larsen@tgs.com)
Will Ashby
VP of HR & Communications
Tel: +1 713 860 2184
Email: will.ashby@tgs.com (mailto:will.ashby@tgs.com)
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
