SOURCE: TGS

TGS

February 25, 2014 01:50 ET

TGS Announces Two New Onshore Multi-Client 3D Seismic Surveys in the Utica Play

HOUSTON, TX--(Marketwired - Feb 25, 2014) - TGS announces two new multi-client onshore 3D surveys, Freeport and Waterford, located within the central Appalachian Basin in Ohio. These high resolution, wide aperture surveys will provide critical data for geotechnical evaluations of the emerging Utica-Point Pleasant fairway while enabling further exploration and development of secondary zones within the Cambrian to Devonian interval.

Freeport covers 1,217 km2 across Carroll, Harrison, Tuscarawas, Guernsey, Belmont and Noble counties in central Ohio and is located south of TGS' existing Firestone (1,054 km2) survey. Waterford covers 210 km2 in Washington County, Ohio within the current southern core of the Utica-Point Pleasant wet gas window.

TGS will support these new investments with data from its expansive well log library and new advanced products that will improve play, trend and prospect delineation. In addition to over 7,000 LAS well logs in the Ohio portion of the Appalachian Basin, TGS also offers its proprietary formation tops database, updated well performance data through its Longbow™ solution and Basin Temperature Modeling (BTM) products.

"With the addition of Freeport and Waterford, TGS will have more than 2,480 km2 of high quality 3D seismic data and an extensive amount of geological data over the Utica formation," stated Rod Starr, Senior VP Western Hemisphere for TGS. "No other company offers a more comprehensive geoscience data library over the emerging liquid rich Utica."

Acquisition of both surveys will begin Q4 2014 utilizing high channel count wireless equipped 3D crews. Data processing will be performed by TGS' Calgary-based subsidiary, Arcis Seismic Solutions, and available to clients late Q4 2015.

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, 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".

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 Investor Relations and M&A
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com

    Rod Starr
    Senior VP Western Hemisphere
    Tel: +1 713 860 2100
    Email: Rod.Starr@tgs.com