HOUSTON, TX (2 August 2018) - TGS announces expansion of two 2018 onshore seismic surveys, Gloss Mountain 3D and Canton 3D, targeting the high potential Mississippian Chester, Osage and Meramec intervals in the core of the prolific SCOOP/STACK play of the Anadarko Basin.
The expansion of the Gloss Mountain 3D survey is to the south of the previously announced program, closing the gap with the nearby Canton 3D. The extension is approximately 600 km2 which will bring the total Gloss Mountain 3D survey to approximately 1,500 km2.
The expansion of the Canton 3D survey is to the east of the original survey, connecting with the existing Hackberry Complex. The extension is approximately 233 km2 which will bring the total Canton 3D survey to approximately 1,400 km2.
Data acquisition on Canton 3D began in Q2 2018 and Gloss Mountain 3D is scheduled to commence in Q4 2018. These datasets will be processed by TGS utilizing its modern land imaging technology. Final data on both surveys will be available in Q2 2019 with fast track data available earlier. Gloss Mountain 3D and Canton 3D are complemented by TGS' vast database of geological and interpretive products in the SCOOP/STACK, comprising data from over 100,000 wells and multiple interpretive products, including Basin Temperature Modeling.
"These significant additions to our onshore library expand upon adjacent TGS seismic data, further strengthening our industry leading geoscience data position in the SCOOP/STACK area. TGS is optimally positioned to provide our clients with approximately 5,690 km2 of modern, high density and high fold data in the prolific Anadarko Basin," commented Kristian Johansen, CEO for TGS.
The projects are supported by industry funding.
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, permanent reservoir monitoring 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 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).
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: +47 90 94 36 73
Email:sven.larsen@tgs.com
Will Ashby
SVP Investor Relations
HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).
