TGS announces Atlantic Margin 3D multi-client project in Norway
(Thomson Reuters ONE) -
ASKER, NORWAY (19 January 2017) - TGS announces its first new multi-client
acquisition project in 2017, AM17 Atlantic Margin 3D in the Norwegian Sea.
AM17 is a 40,000 km2 project in the central-southern Norwegian Sea. The project
is the single largest 3D survey carried out by any company in Northern Europe
and covers largely open blocks in a relatively under-explored area with limited
drilling to date. New understanding of the geological development of the area
opens up a variety of play models from rotated Jurassic and Cretaceous fault
blocks, to stratigraphic and structural traps in Paleocene and Cretaceous
turbidite/fan deposits. Acquisition is expected to commence in May 2017 and
will continue over multiple seasons. Data processing will be performed by TGS
using its Clari-FiTM broadband technology and advanced denoise and demultiple
techniques.
"The AM17 Atlantic Margin 3D is located in an under-explored but high potential
area which will be strategically important as E&P companies look for new growth
opportunities offshore Norway. The project will bring much needed modern, high
quality 3D seismic to this data poor frontier region. As the first new
investment announced in 2017, AM17 will make an important contribution to TGS'
prefunding backlog," commented Kristian Johansen, CEO for TGS.
This survey 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(at)tgs.com
Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
AM17 Atlantic Margin 3D:
http://hugin.info/86869/R/2071913/778636.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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
Unternehmensinformation / Kurzprofil:
Datum: 19.01.2017 - 15:15 Uhr
Sprache: Deutsch
News-ID 518741
Anzahl Zeichen: 4200
contact information:
Town:
Asker
Kategorie:
Business News
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"TGS announces Atlantic Margin 3D multi-client project in Norway"
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