ASKER, NORWAY (7 June 2018) - TGS announces its seventh onshore seismic project for 2018, Dawson Phase II 3D seismic survey in Canada.
The Dawson Phase II 3D multi-client seismic survey is located in the province of British Columbia, Canada, east of TGS' previously announced Dawson Phase I. This new project will encompass approximately 274 km2 providing both an enhanced imaging solution and rock physics characterization of the Montney shale formation.
Permitting on the survey has already commenced and data acquisition is expected to begin in the second half of 2018. Preliminary data will be available in Q1 2019, with final data available Q3 2019. The high fold vibroseis data will be processed by TGS utilizing its modern land imaging technology thus allowing operators to satisfy recent regulatory requirements to map faults for pre-assessment of induced seismicity hazards.
"TGS continues to strengthen its onshore position with new seismic investments in prolific and high potential onshore plays across North America. Dawson Phase II further expands upon adjacent TGS seismic data in the Montney Formation of Alberta and British Columbia, an area long targeted for oil and gas exploration. Our growing onshore seismic library, combined with our vast database of well data and interpretive products, uniquely positions TGS to help our customers develop the best data driven subsurface models and provide significant benefits to their exploration and production efforts," commented Kristian Johansen, CEO for TGS.
The project 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)
