2nd Season of Acquisition to Yield Up to Ten New Surveys
Naersnes, Norway (13 September 2006) - TGS-NOPEC Geophysical Company (TGS) announced today the commencement of a series of new multi-client Controlled Source Electromagnetic (CSEM) surveys in the Norwegian Sea and Troms III area, offshore Norway. Depending on favorable weather conditions, up to ten separate surveys will be acquired this season.
The CSEM survey locations were designed based upon analysis of TGS multi-client seismic data in the region and are designed to test potential hydrocarbon prospects. The CSEM method can be used, under given circumstances, to identify highly resistive bodies like hydrocarbon bearing reservoirs in the subsurface and to reduce exploration risk for oil and gas companies.
The CSEM surveys are being acquired in partnership with OHM, an Aberdeen-based CSEM technology provider. The two companies previously collaborated in 2005 to create a successful multi-client CSEM survey in Norway and have elected to generate additional CSEM projects this season. The 2006 CSEM surveys are supported by industry pre-funding.
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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:
Kjell Trommestad VP & General Director, Europe/Russia Tel: +47 31 29 20 06/+47 91 77 29 92 Email: email@example.com
Arne Helland Chief Financial Officer Tel: +47 31 29 20 33/+47 91 88 78 29 Email: firstname.lastname@example.org
John Adamick VP, Business Development Tel: +1 713 860-2114 Email: email@example.com
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