ASKER, NORWAY (31 May 2017) - TGS announces its second Permian seismic project in 2017. The West Lindsey 3D multi-client seismic survey is located to the southwest of the previously announced West Kermit 3D. This new project will encompass a minimum of 190 square miles predominantly in Reeves County, TX.
The West Lindsey 3D will provide modern, high resolution 3D seismic data to an area that is seeing high interest from E&P companies. Strong potential exists in multiple zones from the Delaware sands through the prolific Wolfcamp, as well as deeper plays including the highly prospective Siluro-Devonian and Ordovician Ellenburger along the Grisham Arch.
Permitting on the survey has already commenced and data acquisition is expected to begin in Q3 2017. Preliminary data will be available in late Q4 2017 and final data available in early 2018. The data will be processed by TGS utilizing its modern land imaging technology to provide clients with greater reservoir understanding. The West Lindsey 3D is complemented by TGS' extensive geologic products database with data from over 430,000 wells and multiple interpretive products in the Permian Basin.
"With support from our clients, TGS is establishing a strong position in the Permian. The West Lindsey 3D, combined with the recently expanded West Kermit 3D are located in an exciting part of the basin where E&P companies are demanding modern 3D seismic data. When combined with our geological database and interpretive products we are well positioned to help our clients in their exploration and development activities in the Permian," commented Kristian Johansen, CEO for TGS.
This project is supported by industry funding.
The latest version of the TGS Investor presentation, with an updated project schedule, is available on www.tgs.com.
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 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
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
