TGS announces two multi-client geochemical seafloor sampling and seep studies

GlobeNewswire

ASKER, NORWAY (24 July 2014) - TGS announces two multi-client geochemical seafloor sampling and seep studies offshore Canada and in the Barents Sea. Sampling locations for both programs were identified using recently acquired multi-client seismic data.

The Labrador Sea Sampling 2014 will be collected in partnership with VBPR and PGS, and is a comprehensive multi-client geochemical seafloor sampling and hydrocarbon seep study offshore Canada in the province of Newfoundland and Labrador. The project will provide data along the 1,200 km long Newfoundland-Labrador coastline showing numerous seep anomalies on the seafloor. In addition to the seep samples, TGS will acquire heat flow measurements to constrain basin models.

The Barents Sea Sampling 2014 will be acquired in partnership with VBPR and focuses on blocks within the Norwegian 23rd licensing round, specifically in the greater Hoop area and in the newly opened Barents Sea Southeast. In addition to multi-client geochemical seafloor sampling and seep studies, stratigraphic sampling will be conducted. The scarcity of well data in the central Barents Sea makes stratigraphic sampling of the reservoir section key for exploration in the area.

All of the hydrocarbon seep samples will be collected using the gravity coring method and the results from the seep studies can provide information on the depositional environment, maturation, and age of the hydrocarbon source. This geotechnical data will provide valuable constraints into the geology and petroleum systems, and play a key role in enabling customers to participate in the upcoming licensing rounds in both survey areas. 

Data acquisition will commence during Q3 2014 and initial data will be available to clients in Q2 2015. The projects are supported by industry funding.

To view TGS` updated vessel and crew capacity schedule, please click here.

 

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 (TGS.OL).

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:

Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Email: kristian.johansen@tgs.com

Will Ashby
Director Finance Western Hemisphere & Investor Relations
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)

Vessel crew capacity secured



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via GlobeNewswire

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