Asker, Norway [19 December 2019] – TGS announced today that it has completed a transaction to purchase over 800 square miles of onshore 3D seismic surveys from a U.S. based E&P company. The data is available for licensing immediately.
This transaction supports TGS’ onshore growth strategy with the addition of key surveys, most notably in the SCOOP-STACK of the Anadarko Basin, Powder River Basin, and Permian Basin. Furthermore, this purchase complements TGS’ leading seismic data offering in the onshore United States and offers operators a more comprehensive onshore seismic library from which to enhance their exploration efforts in significant hydrocarbon-bearing basins.
Kristian Johansen, CEO at TGS commented, “These new datasets strengthen our position in core areas of onshore US and expand our library coverage in new prospective areas. In combination with our extensive library of enhanced well data products, including log reconstruction via machine learning (ARLAS), we continue to offer the most complete subsurface data to shale players in the US.”
About TGS
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
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 product 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.
For more information, visit TGS.com or contact:
Dean Zuzic
Chief Financial Officer
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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