ASKER, NORWAY (21 December, 2017) - TGS announces new multi-client acquisition project, Alonso 3D in the US Gulf of Mexico.
Alonso 3D is a multi-client survey of 6,172 km2 located in the Atwater Valley and Lloyd Ridge protraction areas of the US Gulf of Mexico. Multi-level targets exist, from Miocene to Jurassic. This project allows TGS to extend coverage from a core area in Mississippi Canyon into a more frontier area that is experiencing renewed interest from E&P companies. TGS will acquire new 3D data to provide the higher spatial resolution required to delineate multiple plays at multiple levels. Acquisition is expected to commence in February 2018. Data processing will be performed by TGS using its Clari-FiTM broadband technology.
"Alonso 3D will expand TGS' modern 3D coverage in the deep-water Gulf of Mexico. After a period of lower activity levels in the US GOM, this survey helps strengthen our position in an underexplored area that is of interest to our clients, ahead of upcoming lease turnover. The Alonso 3D survey further adds to our GOM library which also includes successful WAZ data programs to the north of this area," commented Kristian Johansen, CEO for TGS.
This survey is supported by industry funding.
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
VP HR & Communication
Tel: +1 713 860 2184
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire