PERTH, AUSTRALIA--(Marketwire - November 29, 2010) - TGS announces a second 2D seismic survey offshore Indonesia Southwest Sumatra (SMi10) in the forearc basin along the Sundaland Margin. The survey will add 2,700 km of new 2D data to infill the existing 6,900 km of multi-client data acquired in 2009.
The previous seismic in the area has revealed a thick sequence of potential reservoir and source rock in the Mentawai-Bengkulu forearc basins, confirmed by a large gravity anomaly. The newest SMi10 project will aid in mapping three unique seismically defined plays along this trend.
Data acquisition of the SMi10 survey is underway with the MV Northern Explorer and is expected to be completed by the end of Q4 2010. The resulting grid of modern 2D data will enable companies to evaluate blocks recently announced by Migas in the 2010 Second Bid Round, with additional blocks in Southwest Sumatra expected to be announced in subsequent bid rounds during 2011.
TGS maintains the industry's largest multi-client data library in Indonesia. Upon completion of the SMi10 survey, the library will include 115,000 km of 2D seismic, 400,000 km of multi-beam bathymetric data and 1,200 core samples covering over one million km2 of Indonesia's deep water basins.
The survey is supported by industry pre-funding and also supports the Indonesia government's overall objective to attract exploration and raise declining production levels.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at www.tgsnopec.com.
Forward-looking statements and contact information
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 (
Contact Information:
For additional information about this news release please contact:
Kristian Johansen
Chief Financial Officer
Office: +47 667 69931
Cell: +47 47 60 33 34
Email:
