Nærsnes, Norway and Houston, Texas (February 8th 2005,)- TGS-NOPEC Geophysical Company ("TGS"), in collaboration with Fugro Geoteam, today announced it has commenced the acquisition of a new multi-client 2D survey in waters of Sri Lanka, South Asia. The 4,750 kilometre SL05 survey will complement data acquired by the company's earlier SL01 survey. Industry pre-funding supports the survey.
TGS and Fugro will share revenues generated from sales of the survey.
Modern, high quality data will be acquired over part of the Mannar Basin, which was largely unknown prior to TGS commencing work in the area in 2001.
Mr Titus Jayarwardene, Sri Lanka Director General of Petroleum Resources said that commencement of the survey was the culmination of over four years work by TGS and the Sri Lankan government.
"The combination of technical work carried out by TGS and the implementation of a globally-competitive legal and fiscal regime in Sri Lanka has created an opportunity which should be of great interest to the international exploration community" he said.
The new dataset will enable petroleum explorers to better define the geological history of the area, which has already attracted significant industry interest.
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. The TGS family of companies 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 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.
Web-site: www.tgsnopec.com
For additional information about this news release please contact:
Paul Gilleran, General Manager Asia Pacific
Telephone: +61 8 9480-0000
Arne Helland, CFO
Telephone: +47-3129-2000 / +47-9188-7829
The press release (including survey map) can be downloaded from the following link:
