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Wed, July 14, 2010

TGS Announces Commencement of Multi-Client 3D Survey in East Shetland Basin


Published on 2010-07-14 05:11:29 - Market Wire
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ASKER, NORWAY--(Marketwire - July 14, 2010) - TGS has commenced a new multi-client 3D survey in partnership with PGS.

This project, ESB10, covers an 1,100 km2 area in the East Shetland Basin area immediately west of the United Kingdom/Norway border. Ramform Viking, operated by PGS, is [ acquiring ] this multi-client high density 3D survey, utilizing 16 streamers. The project allows TGS and PGS to continue building a multi-client 3D grid south of the successful East Shetland Basin multi-client 3D project acquired in 2009 (ESB09).

The ESB10 multi-client 3D survey is supported by industry funding and [ data ] from the survey will be available for customers from Q2-2011.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at [ www.tgsnopec.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 (OSLO: TGS).

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