Norway: TGS Starts Acquisition of 3D Multi-client Seismic Data Library in Barents Sea

TGS has commenced the acquisition of an extension of its multi-client 3D seismic data in the Hoop Fault Complex area of the Barents Sea.

This extension is to the west of the previously announced industry funded Hoop Fault Complex survey and will add 3,391 km2 to the existing data in the area. Upon completion of the expanded project, TGS will have over 7,300 km2 of contiguous multi-client 3D data over the Hoop Fault Complex. In conjunction with this multi-client survey, TGS will also acquire approximately 1,100 km2 of seismic data on a proprietary basis for a TGS customer.

Acquisition of the data will be performed by the M/V Polar Duke towing 10 x 6,000 m streamers with 75 m cable separation and acquisition is scheduled to complete during early Q4 2011. Data processing will be performed by TGS and will be available to clients from Q2 2012.

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS’ geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry’s largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems.

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 product 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.

Source: tgsnopec, July 26, 2011

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