TGS to Host Conference Call
(Thomson Reuters ONE) -
Asker, Norway (31 May 2010) - TGS will host a conference call on Tuesday, 1 June
2010 at 15:00 CET Norway time (9:00 AM New York time) to address the recent
announcements from the United States Federal Government regarding restrictions
on drilling and leasing activity and how those restrictions might influence TGS'
business.
Robert Hobbs, CEO of TGS, released the following statement:
"TGS believes that exploration and production in the deepwater Gulf of Mexico is
critical to the energy security of the United States and since it contributes to
approximately 30% of the US crude oil production, it is unlikely that a long
term halt on drilling is sustainable. In addition, the cancellation of the
Western Gulf of Mexico and offshore Virginia lease sales should have negligible
effect on TGS' near-term performance in terms of revenue, profitability and/or
investment. TGS has minimal exposure to the Western Gulf of Mexico lease sale
as illustrated by the map provided. Investment by TGS in the Gulf of Mexico
over the last four years has been in the Central and Eastern lease sale areas,
which have not been cancelled. Additionally, TGS has no exposure to the
cancelled Virginia sale that was scheduled for 2012.
TGS' multi-client seismic data is licensed and used by oil companies, typically
many years ahead of drilling plans, particularly in the deepwater. A six month
delay in drilling permits is expected to have a minimal affect on the licensing
of seismic data. In fact, TGS has continued to discuss and close large
multi-client deals in the days following the Deepwater Horizon drilling
accident."
In addressing the TGS 2010 investment plan, Mr. Hobbs commented, "As previously
reported, TGS resumed the seismic acquisition of the Justice Wide Azimuth
project in the Mississippi Canyon area of the deep water Gulf and is confident
that the acquisition will be completed in Q3 2010. Additionally, TGS has
already secured the necessary vessel capacity to meet the 2010 investment
guidance and continues to develop new multi-client projects globally."
The conference call will be hosted by CEO Robert Hobbs and VP Business
Development Karen El-Tawil. Norwegian attendees are invited to call +47
2316 2189 and international attendees are invited to call +44 (0) 20 7806 1951.
Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) on 1 June
2010 to ensure registration and access.
Participants will have to quote the following confirmation code when dialing
into the conference: 4825791.
A Q&A session will follow a short introduction. To pose a question, please
press *1.
A replay of the conference call will be available shortly after. To access
replay of TGS conference call,
* dial +47 2100 0498 (Norway) or +44 (0) 20 7111 1244 (International)
* replay access code 4825791followed by # (pound-sign)
A replay of the conference call will also be available at www.tgsnopec.com
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).
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#1420015]
TGS Lease Sale Map: http://hugin.info/86869/R/1420015/369777.pdf
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 21679
Anzahl Zeichen: 0
contact information:
Town:
Asker
Kategorie:
Business News
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