Asker, Norway (6 February 2008) - TGS-NOPEC Geophysical Company ASA (TGS) announced today that it will acquire a new multi-client 3D seismic survey in the South Additions of the West Cameron and East Cameron areas of offshore Louisiana. The company has again contracted Reservoir Exploration Technology ASA (RXT) to perform the acquisition of the 2000 square kilometer Cameron SaD Phase 1 survey utilizing a Vector-Seis Ocean Bottom Cable recording system. TGS will process the data with both pre-stack time and pre-stack depth migration algorithms.
The Cameron SaD Phase 1 program will cover a 100 OCS block area that contains several producing fields as well as expired leaseholds. The water depths in the survey range from 40 meters to over 200 meters. The data will be recorded with 9000 meter offsets and by utilizing the Vector-Seis recording system, full coverage around the numerous surface obstructions will be achievable. The long offsets will allow further illumination of deeper targets in the area while providing more definition to the conventional plays.
The Cameron SaD Phase 1 program will commence in March 2008 and is supported by pre-funding from multiple oil companies. Survey acquisition is expected to last approximately seven months. TGS expects to have data available for the March 2009 lease sale.
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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 additional 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
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
For additional 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
