Multiple data types to be acquired on both East and West coasts in 2008
Asker, Norway (April 30th 2008) - TGS-NOPEC Geophysical Company (TGS) has started the 2008 Greenland data acquisition program which will add 138,000 kilometers of aeromagnetic and aerogravity data and 8,300 kilometers of 2D seismic data to its Greenland database.
The two aeromag/aerogravity projects are located In the Labrador Sea/Ungava Basin (80, 000 kilometers) and offshore northeast Greenland (58,000 kilometers) respectively. Both surveys will be processed by TGS in Asker and will be available to industry in the fourth quarter of 2008.
The 2D seismic program in Baffin Bay will commence early third quarter 2008. The program will infill the existing 60 x 60 kilometer grid acquired by TGS in 2007. Combined, the two seismic programs will provide an important grid of modern data that can be utilized by E&P companies to prepare for future license rounds planned for the area. The data will be processed by the TGS Imaging Services group located in Bedford, England and will be delivered to clients by the end of 2008.
The TGS Greenland campaign is supported by strong industry pre-funding.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
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:
Arne Helland
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
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
Kjell E. Trommestad
VP and General Director, Europe and Russia
Tel: +47 6676 9961
