TGS Comments on Wide Azimuth Project Interruption
(Thomson Reuters ONE) -
Houston (3 May 2010) - TGS states that the recent rig fire and subsequent spill
in the Gulf of Mexico on Mississippi Canyon block 252 is located within the
boundaries of the TGS Justice Wide Azimuth (WAZ) survey.
The Justice WAZ survey began in January of 2010 and was anticipated to complete
midyear 2010. The acquisition was temporarily halted on 20 April 2010 when all
nearby vessels were called to aid in the rig accident. After being released by
the coast guard less than 24 hours later, the vessels re-initiated data
acquisition in the Justice WAZ survey and operations continued until the morning
of 30 April 2010.
On 30 April 2010 the Coast Guard established a vessel exclusion zone in the area
of the resulting oil spill. Due to safety concerns, the WAZ crew was advised to
leave the current survey area in order to allow complete access for the ongoing
spill containment and dispersant efforts.
On 30 April 2010, TGS moved the WAZ crew into an adjacent project area away from
the exclusion zone. It is planned that the WAZ crew will continue to acquire
multi-client data in this nearby area until more information regarding the
duration of the cleanup effort is available. Although it is TGS' intention to
return to the Justice project as soon as conditions allow, this incident is
expected to affect the timing of the completion of the ongoing Justice WAZ
Survey. Management will issue updates as conditions change.
The TGS core values include responsibility to the environment and the safety of
personnel involved in its operations. TGS will fully comply with all
restrictions established in relation to this tragic incident and seek to assist
wherever possible.
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and
services to the oil and gas industry for the exploration and delineation of
hydrocarbon reserves. We design and acquire multi-client data projects worldwide
that make up our data library of seismic, gravity/magnetic and well data,
enhanced by our seismic imaging technology and regional interpretation
expertise.
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 principal customers, TGS'
ability to continue to expand markets for licensing of data, and TGS' ability to
acquire and process data product 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).
For more information please contact:
Karen El-Tawil
VP, Business Development
Tel: +1 713 860 2100
Email:karen.el-tawil(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1410957]
Unternehmensinformation / Kurzprofil:
Datum: 03.05.2010 - 07:51 Uhr
Sprache: Deutsch
News-ID 20115
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