Asker, Norway (25 March 2008) - TGS-NOPEC Geophysical Company ASA (TGS) announced today that it has begun acquisition of Phase II of the Mekong Delta Aeromagnetic and Aerogravity Project.
Phase I, acquired, processed and interpreted during 2007 comprised 46,000 square kilometers of non-exclusive aeromagnetic data in the Mekong Delta area of Vietnam. The second phase, over the same area, will comprise aerogravity and infill aeromagnetic data. The survey is supported by industry pre-funding and is being carried out in collaboration with Petrovietnam.
"We were greatly encouraged by the data acquired during Phase I. Interpretation of this magnetic data suggested a network of intersecting northeast and northwest-trending faults defining a series of horsts and grabens and indicating significant basin fill." says Paul Gilleran, TGS General Manager Asia-Pacific region.
"The Phase II data will help explorationists define the basin architecture and undertake a preliminary assessment of the petroleum potential of this frontier, under-explored area", he said.
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:
Paul Gilleran
General Manager - Asia Pacific
Tel: +61 (8) 9480 0000
Email: paulg@tgsnopec.com.au
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
