Asker, Norway (30 November 2006) - TGS-NOPEC Geophysical Company ASA (TGS) announced today that it has begun acquisition in the Sultanate of Oman of a 6,000 kilometer multi-client 2D seismic survey. The survey is being acquired utilizing the vessel M/V Akademik Lazarev under contract to TGS. Gravity and magnetic data are also being acquired in conjunction with the survey. Acquisition of the program is expected to be completed by mid-January 2007 and processed data is expected to be available to participants in the second quarter. The survey is strongly supported by industry pre-funding.
According to Richard Horscroft, General Manager for TGS in Africa and the Middle East, offshore Oman has high potential. "The survey area is considered highly prospective yet underexplored and lacks any previous data in the deep water areas. Petroleum systems of interest include a sub-ophiolite play and extensions of the prolific hydrocarbon producing Mesozoic rift basins in Yemen as well as postulated overlying Tertiary basins."
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 provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
For more information about this news release, please contact:
Pierre Benichou
President Africa, M.East, Asia/Pacific
President Africa, M.East, Asia/Pacific
Tel: +1 713 860-2100
Email: pierre@tgsnopec.com
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31
Email: arne.helland@tgsnopec.no
John Adamick
VP, Business Development
Tel: +1 713 860-2114
Email: jada@tgsnopec.com
