Asker, Norway (7, February 2008) - TGS-NOPEC Geophysical Company (TGS) announced today that it has undertaken a large scale multi-client aeromagnetic study in Libya. The study is being jointly acquired with Libyan partners AGESCO and NAGECO under an agreement with the National Oil Corporation (NOC) of Libya. This milestone program will be acquired in several phases and will eventually provide data over all petroliferous basins in Libya. The initial phase of the program includes over 250,000 kilometers of data to be acquired in a regional grid and will cover all of offshore Libya as well as several onshore basins. Multiple aircraft will be used simultaneously to acquire the data quickly and efficiently. Data acquisition and processing of the initial phase of the program is expected to take approximately six months.
Upon completion, the aeromagnetic data and interpretation will be used by oil companies for the geological evaluation of new areas for bid rounds and for complementing ongoing work programs in licensed concessions. The data will also be used by NOC for research programs.
The Libya aeromagnetic program is supported by industry prefunding.
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
Pierre Benichou
President, Africa, M.East, Asia Pacific
Tel: +1 713 860-2100
Email: pierre@tgsnopec.com
