TGS and PGS Announce Fourth 3D Seismic Project Offshore Eastern Canada
(Thomson Reuters ONE) -
ASKER, NORWAY (26 May 2017) - TGS and Petroleum Geo-Services ("PGS") announce
the fourth 3D seismic project offshore Eastern Canada for 2017. Long Range 3D
will comprise approximately 9,100 km(2) of 3D GeoStreamer® data in the Eastern
Newfoundland region. The survey covers open acreage which will be included in
the November 2018 licensing round under Newfoundland and Labrador's Scheduled
Land Tenure system.
Following completion of these surveys, the jointly-owned library will have more
than 175,000 km of 2D GeoStreamer data and 28,500 km(2) 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.
"With four 3D projects now committed for 2017 this will be our most active year
ever in Newfoundland and Labrador. E&P companies are continuing to prioritize
this region in their exploration strategies and we are well placed to support
them as they prepare for future licensing rounds," commented Kristian Johansen,
CEO of TGS.
"Our increased data library coverage in the Newfoundland Labrador region will be
of benefit for oil companies exploring this high potential area. We will operate
three 3D vessels and one 2D vessel offshore East Canada this year, which is more
than ever before and reflects high customer interest," says Jon Erik
Reinhardsen, President & CEO of PGS
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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
East Coast Canada 2017:
http://hugin.info/86869/R/2107889/800564.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
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"TGS and PGS Announce Fourth 3D Seismic Project Offshore Eastern Canada"
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