Naersnes, Norway (July 3, 2003) - TGS-NOPEC Geophysical Company announced today the details of its 2003 non-exclusive seismic acquisition projects for offshore West Greenland.
The 2003 West Greenland programs, scheduled to commence in August 2003, will supplement TGS-NOPEC's existing 2D seismic coverage over key blocks included in the 2004 Licensing Round. The program will add approximately 7,000 kilometers to existing seismic surveys, including 3,500 kilometers of additional data directly over the Leasing Round acreage. This season's acquisition will complement the Company's existing 25,000 kilometers of 2D data in the area. Oil industry pre-funding has been secured for the new programs.
"West Greenland has one of the largest unexplored offshore areas in the world. Acquiring additional high-end 2D seismic data is necessary to form a more complete picture of the hydrocarbon potential of the regions off the West Greenland coast where ice is not a problem," stated Jens Chr. Olsen, Sales Manager for West Greenland.
The Greenland Bureau of Minerals and Petroleum has scheduled the 2004 Licensing Round to open on April 1, 2004. Closing date for applications is planned for October 1, 2004 and it is anticipated that licences will be granted at the New Year of 2004/2005.
TGS-NOPEC is a leading global provider of multi-client geo-science data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. The TGS-NOPEC group places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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. These include
TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS). Web-site: www.tgsnopec.no
For additional information about this news release please contact:
Jens Chr. Olsen; Sales Manager
Telephone +45 38745950
John Adamick, VP Business Development
Telephone: 1 713-860-2114
Arne Helland, CFO
Telephone: +47-31-29-20-00 / +47-91-88-78-29