ASKER, NORWAY (28 October 2016) - TGS announces the expansion of its NWAAM multi-client library in the MSGBC Basin with plans to acquire more than 11,500 km of long-offset broadband 2D seismic data as well as magnetic and gravity data, in the Republic of Guinea, Guinea Bissau and the AGC joint exploration zone between Guinea Bissau and Senegal. This investment is being undertaken together with PGS and in cooperation with GeoPartners. Acquisition of this first phase of the NWAAM expansion will commence in November 2016.
The NWAAM2017 seismic survey has been designed to infill, extend and complement the TGS NWAAM2012 2D survey which helped with recent commercial discoveries in the MSGBC basin. A 12 km deep-tow streamer will enable the recording of high quality broadband 2D seismic data, which will image the pre-rift, syn-rift and post-rift plays evident in this basin.
"This new seismic acquisition confirms TGS commitment to the leading frontier basin in Africa, where TGS already has over 28,000 km of 2D data and over 18,000 km2 of 3D data," commented Kristian Johansen, CEO for TGS.
This TGS survey is being undertaken with the seismic vessel, BGP Dong Fang Kan Tan 1.
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 Boerre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com (mailto:sven.larsen@tgs.com)
Will Ashby
VP HR and Communication
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
