TGS announces new Multibeam and Seep Study Project offshore Brazil

ASKER, NORWAY (3 April 2018) - TGS announces the Brazil Southern Basins SeaSeep Project in the Campos and Santos Basins, offshore Brazil. The project will cover existing TGS surveys in these hydrocarbon rich basins as well as the highly prospective Pre Salt trend where many untested structures exist.

Acquisition of the multibeam will commence late Q1 2018 with the coring and geochemistry stage to follow. Data will be available in Q4 2018 over the Round 16 licensing areas scheduled in 2019.  Final results in all areas will be available in late 2019. The survey is designed to mirror the successful Gigante and Otos multibeam and seep study projects in the Gulf of Mexico, conducted in 2016 and 2017. The multibeam program will cover approximately 200,000 km2 and will be used to identify 330 core target locations.

"The Brazil Southern Basins SeaSeep Project will provide further insight into the Southern Basins of Brazil and contribute to the knowledge and understanding of these highly prospective areas. I am very pleased to see TGS returning to Brazil to acquire new data after a four-year absence.  This new project is a complementary addition to our extensive historical data library in this region", commented Kristian Johansen, CEO of TGS.

This project is supported by industry funding.

An updated project schedule is attached.

Company Summary

TGS-NOPEC Geophysical Company (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.

For more information visit TGS online at www.tgs.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 principle 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).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen
Chief Financial Officer
Tel: [phone]
Email: [e-mail]

Will Ashby
VP HR & Communication
Tel: [phone] 
Email: [e-mail]

 

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

TGS project schedule

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Source: TGS via Globenewswire