TGS Announces New Proprietary 2D Survey Offshore Colombia

HOUSTON, TX--(Marketwire - Sep 24, 2012) - TGS has signed an agreement with Colombia's Agencia de Hidrocarburos (ANH) to acquire a new 10,000 km proprietary 2D survey offshore Colombia. Approximately 6,400 km of data will be acquired in the Caribbean and 3,600 km in the Pacific. 

The seismic data will be acquired by the M/V Shatskiy starting in early Q4 2012 and will provide a new regional view of the deep water geology of Colombia. The proprietary contract with ANH also includes TGS processing and interpretation services of the 2D data, which will be completed in late 2013.

"This contract is an important step in TGS' strategy to grow in Latin America. Offshore Colombia remains a frontier area with little modern seismic data. TGS is excited to be working with ANH to develop the country's hydrocarbon potential," commented Rod Starr, Senior VP Western Hemisphere for TGS. 

Company summary 

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, permanent reservoir monitoring 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 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).