ASKER, NORWAY (8 April 2019) - TGS and PGS announce the North Tablelands 3D and Southeast Grand Banks 2019 2D multi-client projects in Offshore East Canada.
North Tablelands 3D will cover approximately 5,000 km2 and together with the 2018 Tablelands 3D survey, spans most of the open acreage included in the November 2020 bid round. Acquisition will be performed by PGS' Ramform Atlas, utilizing the PGS Geostreamer technology. The project is expected to commence in early June 2019.
Southeast Grand Banks 2019 2D will comprise of approximately 13,300 km primarily covering open acreage in upcoming bid rounds in South Eastern Newfoundland (2021) and Southern Newfoundland (2022). Acquisition will be performed by MV Sanco Atlantic and the project is expected to commence in early June 2019.
Following this ninth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 189,000 km of 2D GeoStreamer data and approximately 48,000 km2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.
"The successful joint venture between TGS and PGS has consistently provided the industry with the highest quality data in advance of scheduled licensing rounds. We will continue to prioritize this high potential region and look forward to playing a vital role in future developments," said Kristian Johansen, CEO, TGS.
These projects are supported by industry funding.
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 (http://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 Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com (mailto:sven.larsen@tgs.com)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
Picture Southeast Grand Banks 2019 2D (http://hugin.info/86869/R/2240967/883739.pdf)
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
