TGS Announces 2D Survey in U.S. Gulf of Mexico

HOUSTON, TX--(Marketwired - Aug 6, 2014) - TGS announces acquisition of Snipe Phase 52, a new long-offset 2D multi-client survey in the ultra-deep water, U.S. Central Gulf of Mexico. The survey will include 12,000 km of data, which supplements TGS' existing library in the region and will provide critical well ties to a number of recent discoveries.

"The new project will provide long-offset, high resolution data required to image potential reservoirs in the lower Tertiary and deeper, as our understanding of the basin and depositional processes continues to evolve," commented Rod Starr, SVP Western Hemisphere for TGS. "The Snipe Phase 52 program will extend to the U.S.-Mexico international boundary and will complement TGS' previously announced plans to acquire 2D data in the southern Gulf of Mexico waters, pending permits from the Mexican authorities."

The seismic data will be acquired by the M/V Osprey Explorer towing 12,000 meter cable length. The project will commence in Q3 of this year and final data will be available to clients in Q4 2015. 

The 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, permanent reservoir monitoring 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".