SOURCE: TGS-NOPEC Geophysical Company
CALGARY, AB--(Marketwire - Aug 15, 2012) - TGS, through its newly acquired wholly-owned subsidiary Arcis Seismic Solutions, is pleased to announce commencement of two 3D multi-client surveys onshore Canada, totaling 308 km2 in size. These high-resolution, wide aperture surveys are designed to image multiple prospective zones focusing on illumination of the Bakken and Birdbear light oil plays and represent Arcis' continuing investment to multi-client data in Western Canada.
The Neptune South 3D project is an expansion of Arcis' recent activity in the Williston Basin in the prolific Lower Mississippian - Upper Devonian oil fairway. It represents a southern extension of Arcis' Neptune 3D acquired with primary prospectivity in the northern most extent of the Bakken/ Sanish/ Three Forks Formations. Secondary potential within the survey area exists in Ordovician (Red River oil) and Silurian aged rocks. The Unity North 3D project is focused on expansion of the emerging Devonian Birdbear (Nisku equivalent) play in Western Saskatchewan, with secondary potential in the Cretaceous Mannville.
"TGS is enthusiastic about the opportunity to acquire onshore seismic data in Canada, through the acquisition of Arcis Seismic Solutions. The entry into the Canadian market and announcement of these two surveys is a key step in TGS' strategic growth plan," commented Rod Starr, Senior VP Western Hemisphere for TGS.
The seismic data will be processed by Arcis. Intermediate products will be available to the industry in Q4 2012 with final data available in Q1 2013. These multi-client surveys are supported by industry pre-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, 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).