ASKER, NORWAY (1 June 2018) - TGS and Petroleum Geo-Services ("PGS") announce the commencement of a new 3D multi-client project in East Canada. The new Tablelands 3D Geostreamer® survey will cover approximately 8,000 km² in an active Newfoundland area of the Flemish Pass and Orphan Basins. Acquisition is expected to complete in late Q3 2018.

Following this eighth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and approximately 36,500 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.

"Tablelands 3D will expand TGS' data coverage in offshore East Canada where we have a strong track record of success. This project will provide modern, high quality seismic data to an area that is highly relevant for exploration in the prolific Newfoundland basins," said Kristian Johansen, CEO, TGS.

Pre-processing of the initial GeoStreamer signal will be performed by PGS onboard its vessel, Ramform Hyperion, following which TGS will perform data processing using its Clari-Fi(TM) broadband technology.

Fast-track data will be available in Q4 2018 with final data in Q2 2019. The survey area will be seamlessly merged with the Long Range 3D project acquired in 2017.

This project is 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.


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


Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com

 

 


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Tablelands 3D


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Source: TGS via Globenewswire