TGS Acquisition on the Freedom Wide Azimuth Project Completed
(Thomson Reuters ONE) - Asker, Norway (29 September, 2009) - TGS-NOPEC Geophysical Company(TGS) announces that the Freedom Wide Azimuth (WAZ) 3D seismicproject in the Gulf of Mexico now has been fully acquired incooperation with WesternGeco.The Freedom project was first announced in December of 2007 with theformation of the cooperation agreement between TGS and WesternGeco.Acquisition of the survey began in January of 2008 and was completedon September 19, 2009. Fast track data products are being deliveredto customers who have licensed the data. Additional imaging work willcontinue on the Freedom WAZ project throughout 2010.Through customer interest and funding, the Freedom WAZ project grewfrom the original outline of 15,000 square kilometers to the finalproject outline which totals over 16,600 square kilometers in theMississippi Canyon and Atwater Valley areas of the deepwater centralGulf of Mexico.The WesternGeco WAZ crew is now acquiring the TGS Liberty WAZ projectunder an extension of the Cooperation Agreement between TGS andWesternGeco. Liberty is a sister project to Freedom WAZ and extendsthe contiguous Wide Azimuth data coverage by an additional 3,000square kilometers on the southwest side of Freedom.TGS-NOPEC Geophysical Company (TGS) is a principal resource forglobal geoscientific data products and services in the E&P industry.TGS specializes in the design, acquisition and processing ofmulti-client seismic surveys worldwide and delivers advanced highperformance seismic imaging and software solutions. The Company alsoprovides the world's largest online well-log database, well datamanagement services, multi-client interpretive products andsubsurface consulting services to industry. The suite of integratedexploration data products available from TGS is distinctive andunmatched. The Company philosophy is to create unique high-qualitydata collected in the right place at the right time.All statements in this press release other than statements ofhistorical fact are forward-looking statements, which are subject toa number of risks, uncertainties and assumptions that are difficultto predict, and are based upon assumptions as to future events thatmay not prove accurate. These factors include TGS' reliance on acyclical industry and principal customers, TGS' ability to continueto expand markets for licensing of data, and TGS' ability to acquireand process data products at costs commensurate with profitability.Actual results may differ materially from those expected or projectedin the forward-looking statements. TGS undertakes no responsibilityor obligation to update or alter forward-looking statements for anyreason.TGS-NOPEC Geophysical Company ASA is listed on the Oslo StockExchange (OSLO:TGS).For additional information about this news release please contact:Karen El-TawilVP, Business DevelopmentTel: +1 713 860 2100Email: karen.el-tawil(at)tgsnopec.comArne HellandChief Financial OfficerTel: +47 66 76 99 31/+47 91 88 78 29Email: arne.helland(at)tgsnopec.noThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.09.2009 - 07:50 Uhr
Sprache: Deutsch
News-ID 6328
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