Aeromagnetics and 2D Seismic the Focus of this Season's Acquisition in Baffin Bay & Offshore Northeast Greenland
Asker, Norway (5 July 2007) - TGS-NOPEC Geophysical Company ASA (TGS) has opened the 2007 Greenland data acquisition season with the first of three programs designed to increase understanding of the region's subsurface geology. Already the industry's premiere holder of multi-client Greenland exploration data, these projects will add 164,000 kilometers of aeromagnetic data and 8,800 kilometers of 2D seismic data to the collection.
The first project, which commenced in early July, is the 62,000 kilometer Baffin Bay Aeromagnetic Survey. Covering the complete Greenland side of Baffin Bay, the data will be processed by TGS in Asker, Norway, and will be available for delivery in the fourth quarter of 2007. Overlapping the aeromagnetic survey with a regular 60 x 60 kilometer grid will be the Baffin Bay 2D seismic program. Scheduled to commence later in the summer, the 8,800 kilometer project will also include open lines into the Canadian side of the Bay. The project data will be processed by TGS Imaging in Bedford and is scheduled to be available in the first quarter of 2008.
Later in the summer, TGS will begin the first phase of a new aeromagnetic acquisition project offshore northeast Greenland. Once complete, the survey will extend from the coast to the oceanic crust (as it is currently interpreted) and will be used as the foundation to develop a new geophysical atlas of the area, furthering other seismic and aeromagnetic planning. Phase one of the NE Greenland aeromagnetic survey will be processed by TGS in Asker and delivered to clients in the fourth quarter.
TGS' Greenland campaign is supported by strong industry pre-funding.
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:
Kjell E. Trommestad
Kjell E. Trommestad
VP and General Director, Europe and Russia
Tel: +47 6676 9961
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
John Adamick
VP, Business Development
Tel: +1 713 860 2100
Email: jada@tgsnopec.com
