Asker, Norway, 10. December 2007.
It is TGS' intention to work in good faith through the 30 day negotiation
period to seek an amicable resolution and prompt completion of the merger.
However, TGS is fully prepared to let the arbitration process address any
disagreement with respect to the closing of the merger. We trust that
Wavefield has a similarly high confidence level in the integrity of the arbitration
period to seek an amicable resolution and prompt completion of the merger.
However, TGS is fully prepared to let the arbitration process address any
disagreement with respect to the closing of the merger. We trust that
Wavefield has a similarly high confidence level in the integrity of the arbitration
procedures and is therefore equally willing to let the arbitration process decide
on the matter. Wavefield has made material misstatements concerning TGS'
position and the facts surrounding the independent review.
In the event that the 30 day negotiation period passes without agreement,
we look forward to seeing these questions addressed through the arbitration process.
For further information, contact
For further information, contact
Arne Helland, CFO +47 91 88 78 29
e-mail: arne@tgsnopec.no