Asker, Norway (11 April 2008) - TGS-NOPEC Geophysical Company (TGS) announced today that it has completed acquisition of two new multi-client programs in Somaliland. Offshore, TGS has acquired approximately 5,100 kilometers of 2D seismic, gravity, and magnetic data covering both shallow and deep water areas. Processing and interpretation of the data should be available to clients by the third quarter of 2008. Onshore, TGS has acquired approximately 34,000 kilometers of high resolution aeromagnetic data covering all known Somaliland petroleum basins. The aeromagnetic data is currently in processing and should be available to clients by mid-2008. Both programs have been acquired in cooperation with the Ministry of Water and Natural Resources and are marketed exclusively by TGS.
The Somaliland government has announced its intent to conduct an open bid round later in the year after the data become available. The seismic and aeromagnetic programs being acquired by TGS will provide data needed to define the principle structural elements of the area and allow for the development of leads, plays, and structural highs for further investigation. The area is geologically analogous to Yemen where several oil fields have been discovered to date.
Both programs are supported by industry prefunding.
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
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
Chief Financial Officer
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
Pierre Benichou
President, Africa, M.East, Asia Pacific
Tel: +1 713 860-2100
Email: pierre@tgsnopec.com
