SOURCE: TGS

TGS

May 12, 2016 01:50 ET

TGS reaches 75% acquisition progress mark on Gigante seismic program

HOUSTON, TX--(Marketwired - May 12, 2016) - TGS announced that it has acquired approximately 141,000 kilometers (75%) of the planned 186,000 km 2D seismic project, Gigante. Gigante covers the entire offshore sector of Mexico and ties into TGS' regional 2D seismic grid covering the entire US Gulf of Mexico. Preliminary data results have identified a number of prospective play fairways within a variety of structural provinces. Delivery of fast track Pre-stack Time data is ongoing with 103,380 kilometers available and approximately 64,000 kilometers of preliminary pre-stack depth available for the Deep Water Bid Round scheduled for December 5, 2016.

In addition, acquisition of multibeam data is 30% complete with preliminary results available. This data is used to identify hydrocarbon seeps on the seafloor and will direct TGS' seafloor coring operations which began January 22. Coring in the Perdido area is now 100% complete. Seafloor core samples will be analyzed to determine hydrocarbon grade and will be combined with TGS' other geoscience data as part of a comprehensive interpretative study of the region. Maps for both surveys can be found here.

These surveys are 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 principle 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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