Asker, Norway (May 22, 2008) - TGS-NOPEC Geophysical Company (TGS) has started a 1500 square kilometer multi-client 3D survey in Quadrants 7016 and 7116 in the Troms III area. The Norwegian Petroleum Directorate recently recommended these blocks for the 20th Concession Round. TGS developed the concept for the Troms III 3D survey based upon interpretations of TGS multi-client 2D seismic and controlled source electromagnetic data in the region. .
Survey acquisition will be performed by the newly upgraded 3D vessel GeoBarents utilizing an 8 x 6000 meter streamer configuration. The survey data will be processed by TGS Imaging and will include quick look and final prestack time migrated volumes. Preliminary data for the Troms III 3D will be available for industry use in August 2008 and final data is expected to be available in late Q3 2008.
The Troms III 3D survey 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