HOUSTON, TX--(Marketwired - Jan 30, 2017) - TGS announces commencement of field operations on the West Kermit 3D seismic survey in the Delaware Basin. This project will encompass a minimum of 150 square miles in Loving and Winkler Counties, TX.
This high resolution 3D survey is designed to assist in the evaluation and development of multiple zone potential including highly productive Wolfcamp and Bone Spring intervals. Data Acquisition is expected to begin in early Q2 2017 with final data available to clients in Q4 2017. The data will be processed by TGS utilizing its modern land imaging technology to provide clients with greater reservoir understanding. West Kermit 3D is complemented by TGS' extensive geologic products database with data from over 425,000 wells and multiple interpretive products in the Permian Basin.
"This first project in the Permian basin is an important milestone in TGS' onshore strategy and provides a platform for future growth in this prolific area. TGS already holds a leading position in three premier basins in North America: the Duvernay trend in Western Canada, the SCOOP&STACK play in the Anadarko Basin and the Utica trend in the Appalachian Basin. We are pleased to bring our knowledge and expertise to help our clients in their exploration and development activities in the Permian Basin," commented Kristian Johansen, CEO for TGS.
This project is supported by industry funding.
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".
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