ASKER, NORWAY (9 December 2013) - TGS has commenced acquisition of a 3D multi-client seismic survey covering 2,022 km2 offshore Benin.
"The BR-13 survey will be TGS' second 3D survey in Benin," commented Stein Ove Isaksen, Senior Vice President Eastern Hemisphere for TGS. "The 3D data will build upon current subsurface knowledge and provide improved imaging of deep Cretaceous and Tertiary strata. Interpretation of this data will lead to better delineation of oil and gas prospects over the acreage surveyed as well as a greater understanding of adjacent areas."
The seismic data is being acquired by the BGP Prospector, with a 10 streamer configuration. Data processing will be performed by TGS using its proprietary seismic multiple elimination processing technology, TAMETM. Final data will be available to clients from Q3 2014.
The 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".
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Tel: +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
Stein Ove Isaksen
Senior VP Eastern Hemisphere
Tel: +47 66 76 99 00
Email: SteinOve.Isaksen@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire
HUG#1748430