TGS commences first onshore seismic project in the Permian Basin
(Thomson Reuters ONE) -
HOUSTON, TX (30 January 2017) - TGS announces commencement of field operations
on the West Kermit 3D seismic survey in the Delaware Basin. This project will
encompass a minimum of 150 square miles in Loving and Winkler Counties, TX.
This high resolution 3D survey is designed to assist in the evaluation and
development of multiple zone potential including highly productive Wolfcamp and
Bone Spring intervals. Data Acquisition is expected to begin in early Q2 2017
with final data available to clients in Q4 2017. The data will be processed by
TGS utilizing its modern land imaging technology to provide clients with greater
reservoir understanding. West Kermit 3D is complemented by TGS' extensive
geologic products database with data from over 425,000 wells and multiple
interpretive products in the Permian Basin.
"This first project in the Permian basin is an important milestone in TGS'
onshore strategy and provides a platform for future growth in this prolific
area. TGS already holds a leading position in three premier basins in North
America: the Duvernay trend in Western Canada, the SCOOP&STACK play in the
Anadarko Basin and the Utica trend in the Appalachian Basin. We are pleased to
bring our knowledge and expertise to help our clients in their exploration and
development activities in the Permian Basin," commented Kristian Johansen, CEO
for TGS.
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 principal 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)
West Kermit 3D:
http://hugin.info/86869/R/2074210/779778.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: 30.01.2017 - 07:50 Uhr
Sprache: Deutsch
News-ID 520554
Anzahl Zeichen: 4256
contact information:
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"TGS commences first onshore seismic project in the Permian Basin"
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