ASKER, NORWAY--(Marketwire - September 29, 2009) - TGS-NOPEC
Geophysical Company (TGS) announces that the Freedom Wide Azimuth (WAZ) 3D seismic project in the Gulf of Mexico
now has been fully acquired in cooperation with WesternGeco.
The Freedom project was first announced in December of 2007 with the
formation of the cooperation agreement between TGS and WesternGeco.
Acquisition of the survey began in January of 2008 and was
completed on September 19, 2009. Fast track data products are being
delivered to customers who have licensed the data. Additional imaging work
will continue on the Freedom WAZ project throughout 2010.
Through customer interest and funding, the Freedom WAZ project grew from
the original outline of 15,000 square kilometers to the final project
outline which totals over 16,600 square kilometers in the Mississippi
Canyon and Atwater Valley areas of the deepwater central Gulf of Mexico.
The WesternGeco WAZ crew is now acquiring the TGS Liberty WAZ project under
an extension of the Cooperation Agreement between TGS and WesternGeco.
Liberty is a sister project to Freedom WAZ and extends the contiguous Wide
Azimuth data coverage by an additional 3,000 square kilometers on the
southwest side of Freedom.
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).
Contact Information: For additional information about this news release please contact:
Karen El-Tawil
VP, Business Development
Tel: +1 713 860 2100
Email:
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: