ASKER, NORWAY (19 January 2017) - TGS announces its first new multi-client acquisition project in 2017, AM17 Atlantic Margin 3D in the Norwegian Sea.
AM17 is a 40,000 km2 project in the central-southern Norwegian Sea. The project is the single largest 3D survey carried out by any company in Northern Europe and covers largely open blocks in a relatively under-explored area with limited drilling to date. New understanding of the geological development of the area opens up a variety of play models from rotated Jurassic and Cretaceous fault blocks, to stratigraphic and structural traps in Paleocene and Cretaceous turbidite/fan deposits. Acquisition is expected to commence in May 2017 and will continue over multiple seasons. Data processing will be performed by TGS using its Clari-FiTM broadband technology and advanced denoise and demultiple techniques.
"The AM17 Atlantic Margin 3D is located in an under-explored but high potential area which will be strategically important as E&P companies look for new growth opportunities offshore Norway. The project will bring much needed modern, high quality 3D seismic to this data poor frontier region. As the first new investment announced in 2017, AM17 will make an important contribution to TGS' prefunding backlog," commented Kristian Johansen, CEO for TGS.
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, 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".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
