SOURCE: TGS

TGS

October 10, 2011 08:00 ET

TGS Announces New 3D Multi-Client Seismic Survey Offshore Northwest Australia

PERTH, AUSTRALIA--(Marketwire - Oct 10, 2011) - TGS will commence acquisition of a new 3D multi-client seismic survey in November 2011 which covers 9,700 km2 over the Exmouth Plateau in the Carnarvon Basin, offshore NW Australia. The survey area is adjacent to existing large gas discoveries and covers newly available acreage in blocks WA-364-P, WA-365-P and WA-367-P.

"Regulatory changes in Australia make this market more attractive for multi-client investment and TGS is excited to acquire seismic data in this new market, an area where industry believes there is high exploration potential. This Australia 3D project is consistent with our strategic plan and represents a new milestone of growth for TGS in a promising region," commented Rod Starr, Senior VP Africa, Middle East and Asia Pacific for TGS.

The seismic data will be acquired by the M/V Viking Vision and will be complete in Q1 2012. A fast track volume will be available to the industry in Q2 2012 with final data available for the full survey in Q1 2013. The survey is supported by industry funding.

Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. For more information visit TGS online at www.tgsnopec.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).

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Office: +47 667 69931
    Cell: +47 47 60 33 34
    Email: Email Contact

    Karen El-Tawil
    VP, Business Development
    Office: +1 713 860 2102
    Cell: +1 713 806 2420
    Email: Email Contact

    Paul Young
    Managing Director Asia Pacific
    Office: +61 (8) 9480 0000
    Email: Email Contact