TGS-NOPEC Geophysical Company ASA

12/12/2019 | Press release | Distributed by Public on 12/12/2019 01:11

TGS and AustinBridgeporth to Acquire World’s Highest Resolution Gravity Data Over Egypt

ASKER, Norway (12 December 2019) - TGS, in partnership with AustinBridgeporth,has been granted exclusive rights to acquire the world's highest resolution gravity imagery, eFTG (enhanced Full Tensor Gravity Gradiometry), within Egypt. The first phase, which surveysthe Upper Egypt region, was signed by Ganope Chairman His Excellency Mr. Mohamed Abdelazeem at the 2019 Mediterranean Offshore Conference (MOC) in Alexandria, Egypt.

The program will begin with a regional airborne eFTG multi-client survey, together with magnetic and Lidar data. The survey will commence in Q4 2019 and will continue as a multi-year acquisition that aims to cover both onshore and offshore Egypt.

Kristian Johansen, CEO at TGS, commented, 'We are pleased to announce the addition of the Onshore Egypt eFTG survey into the TGS data library, further strengthening our position in the region. This high-resolution dataset will improve the geological understanding of the different play types in this highly prospective frontier area and provide the industry with essential subsurface data ahead of anticipated 2020 license rounds.'

Dr. Mark Davies, CEO at AustinBridgeporth, said, 'Along with our partners TGS, we are excited to be part of this ground-breaking project for GANOPE. Lockheed Martin's eFTG is the world's most advanced gravity imaging system, and will bring high-resolution data, for the first time, to an extensive and little understood area of high hydrocarbon potential.'

About TGS

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, and data integration solutions.

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.

For more information, visit TGS.com or contact:

Dean Zuzic, Chief Financial Officer, [email protected]