SOURCE: TGS

TGS

August 24, 2015 08:00 ET

TGS announces its Gigante multibeam, coring and geochemical analysis project

HOUSTON, TX--(Marketwired - Aug 24, 2015) - TGS is pleased to confirm that it has received authorization from Mexico's Comisión Nacional de Hidrocarburos (CNH) for the acquisition of multibeam, coring and geochemical analysis data over an area of approximately 600,000 square kilometers in Mexican waters. This project will cover the entire deep water area of the offshore sector of Mexico, including world class producing trends such as the Perdido Fold Belt and Campeche Bay. This project will be conducted in conjunction with the 186,000 km TGS Gigante seismic survey which is currently 12% ( >22,000 kms) complete.

The multibeam data will be acquired by Fugro using vessels equipped with the latest generation of multibeam sonar equipment. Multibeam bathymetry and backscatter data will be used to identify possible oil and gas seep targets for sediment sampling. Over one thousand navigated piston cores will be collected by TDI Brooks International and detailed geochemical analysis will be performed.

"We are pleased to create a portfolio that combines all important geoscience data into one integrated package that can be used to better aid exploration efforts in this region. These data have value from the earliest stages of reconnaissance through the end of the development program. It is a complementary addition to our Gigante regional 2D seismic program that is currently being acquired. Our customers have shown considerable interest in these projects," commented Katja Akentieva, Senior VP Western Hemisphere, TGS.

TGS will commence acquisition of Multibeam and Coring data in Q3 2015 subject to receiving environmental impact resolution from the Mexican Authorities, with expected completion in early Q4 2016.

This 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, 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".

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Cell: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Finance Western Hemisphere & Investor Relations
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com

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