ASKER, NORWAY--(Marketwired - Jan 9, 2014) - TGS announces four new multi-client surveys; a 3D survey in offshore Northwest Australia, two 2D surveys offshore Madagascar and a 3D survey onshore Alberta, Canada.
The Huzzas is a 2,100 km2 3D survey that will cover the Barrow Sub-basin, offshore Northwest Australia. The data is being acquired by the M/V Geo Caspian using CGG's BroadSeis™ and BroadSource™ technologies. Preliminary data will be available to clients from Q3 2014. Upon completion of this survey, the total TGS portfolio of 3D multi-client coverage offshore Australia will exceed 32,500 km2.
The CSM-14 and AN-14 2D surveys cover 8,847 km offshore Madagascar. CSM-14 is being acquired by the M/V Geo Arctic and AN-14 by the BGP Challenger. Data processing will be performed by TGS using its Clari-Fi™ broadband processing technology and final data will be available to clients from Q4 2014.
Washout Creek, a 65 km2 3D / 3C survey, will cover the West Pembina area of Alberta, Canada. This high-density survey is designed to assist in the evaluation and development of the Cretaceous (Cardium, Manville), Jurassic (Nordegg/Rock Creek), Mississippian (Pekisko) and the Devonian (Duvernay) plays. Data processing will be performed by Arcis and final data will be available to clients from Q2 2014.
All four surveys are supported by industry funding.
In addition, TGS has signed a Letter of Award with Polarcus to utilize their vessel, the Polarcus Naila. Contingent on execution of final contractual documents, the charter will begin in April 2014 and will last for a period of six months.
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".