Houston, Texas (6. September, 2007) - TGS Geological Products and Services, a division of TGS-NOPEC Geophysical Company (TGS), has signed its largest agreement ever with a leading US-based independent natural gas producer to deliver 400,000 LAS and 3.6 million smartRASTER well logs. Approximately 20% of the data ordered is available for immediate delivery, with the balance to be processed and delivered over the next three and a half years.
The current TGS well log data library contains approximately 4 million well log image files as well as approximately 140,000 LAS (Log Ascii Standard) fully digitized well logs. LAS digital wells are used in a variety of geological, geophysical and petrophysical applications and typically have a commercial value of approximately ten times the value of the well log images.
"This transaction is extremely significant because it endorses our vision of creating a higher value product library from our comprehensive well log image inventory," commented Hank Hamilton, Chief Executive Officer of TGS. "The funded addition of so many LAS wells accelerates our already industry leading position."
"Providing access to well log data at this scale requires the inventory, digitization capacity and well log expertise that only TGS Geological Products and Services can offer," stated Dave Kotowych, President of TGS Geological Products and Services. "We look forward to completing this project in support of our client's exploration program."
TGS' LOG-LINE Plus! database, which features online access, search tools and immediate downloads, contains more the 4.8 million well logs from key exploration zones worldwide. TGS Geological uses this and other sourced data as the basis of multi-client data and interpreted products that draw on the company's in-house talent in geology, geophysics, petrophysics and well log data processing.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
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:
Arne Helland
Chief Financial Officer
Chief Financial Officer
TGS-NOPEC Geophysical Company ASA
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
John Adamick
VP Business Development
Tel: +1 713 860 2100
Email: jada@tgsnopec.com
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
John Adamick
VP Business Development
Tel: +1 713 860 2100
Email: jada@tgsnopec.com