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TGS-NOPEC Geophysical Company: TGS Executes Agreement for Deepwater Liberia Shoot

^{Published on 2009-09-16 07:25:37 - Market Wire}
 

ASKER, NORWAY--(Marketwire - September 16, 2009) - [ TGS-NOPEC Geophysical Company ] (TGS) announced today that it has signed an agreement with the National Oil Company of Liberia ("NOCAL") to acquire 15,000 kilometers of long-offset regional [ 2D seismic ], gravity, and magnetic data over the ultra-deep waters located offshore [ Liberia ]. This new multi-client survey is expected to commence in the fourth quarter of 2009, given sufficient industry interest. Offshore Liberia has attracted significant industry attention due to recently announced discoveries in the Gulf of Guinea.

"TGS has been acquiring data along this margin since 2000 and is pleased to expand our data coverage in Liberia. It has been extremely rewarding to see the value being generated from our activities for both the local region and the oil and gas industry in general over this extended period," said David Hicks, VP of Africa, Middle East and Far East for TGS.

The Liberia Ultra-Deep Program will extend existing TGS [ multi-client data ] out to 4000 meters of water. NOCAL is expected to announce a licensing round following the acquisition and processing of the data.

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).