ASKER, NORWAY (29 June 2016) - TGS announces the commencement of the Northwest Shelf Renaissance 2D seismic survey offshore North West Australia. The survey consists of approximately 8,000km of long offset, broadband 2D seismic data as well as magnetic and gravity data. The survey is designed to provide enhanced imaging through to the deeper stratigraphic section of the Dampier, Beagle and Bedout Sub Basins and Exmouth Plateau where TGS has been granted permits to operate from the Australian authorities. "This new long offset 2D survey will tie recent and deep wells with TGS's existing 3D coverage in the Exmouth Plateau, Carnarvon Basin. In addition, this modern 2D survey traverses the proposed 2016 Australian Offshore Petroleum Exploration Acreage Release areas which are expected to be released in July 2016. Fast trackdata will be available November 2016 with the final PSDM data available May 2017" commented Kristian Johansen, CEO, TGS.
This TGS survey is being undertaken in co-operation with BGP who will provide the seismic vessel, BGP Explorer.
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 & 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
