ASKER, NORWAY (16 January 2018) - TGS announces three new onshore seismic projects; Sanderson, West Hackberry and Dawson in prolific North American basins.
The West Hackberry 3D multi-client seismic survey is located north of TGS' Loyal 3D Complex in the Anadarko Basin. This new project will encompass 777 km2 predominantly in Garfield County in the state of Oklahoma. The Hackberry Complex will target a high potential area in the core of the prolific Mississippian Chester and Meramec intervals of the SCOOP/STACK play fairway.
The Sanderson 3D multi-client seismic survey is TGS' third seismic project in the Permian Basin and is located along the eastern flank of the Delaware Basin to the east of TGS' West Lindsey 3D. This new project will encompass 464 km2 predominantly in Pecos County, Texas and provide modern, high resolution 3D seismic data to an area that is seeing high interest from E&P companies. Strong potential exists in multiple zones including the Artesia Group on the shelf, the Delaware sands and the prolific Wolfcamp, as well as the historic deep productive trends in the Siluro-Devonian and Ordovician Ellenburger.
The Dawson 3D multi-client seismic survey is located in the province of British Columbia, Canada and provides a complimentary addition to our existing footprint in this region. This new project will encompass approximately 70 km2 providing enhanced imaging solution of the Montney shale formation.
Permitting on all three surveys has already commenced and data acquisition is expected to begin within first half of 2018. Preliminary data will be available in Q2 and Q3 2018. The data will be processed by TGS utilizing its modern land imaging technology.
"With support from our clients, TGS continues to strengthen our onshore position. I am pleased to announce such a diverse portfolio of new seismic projects in key shale basins of North America, such as the Permian Basin, SCOOP/STACK and the Montney. With our growing onshore seismic library, combined with our vast database of well data and interpretive products, TGS is uniquely positioned to help our customers develop the best data driven subsurface models to aid their exploration efforts," commented Kristian Johansen, CEO for TGS.
All three projects are 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