10/29/2019 | Press release | Distributed by Public on 10/29/2019 07:04
HOUSTON, Texas (29 October 2019) - TGS announced today it has completed the transaction to acquire 100 percent of the Kingfisher 3D seismic survey to add to its Oklahoma database. The Kingfisher 3D is located on the east flank of the Anadarko Basin in Kingfisher and Logan Counties, Oklahoma.
The survey extends TGS' leading onshore seismic data coverage in the core of the SCOOP and STACK in the Anadarko Basin. The survey encompasses 714 square kilometers and increases TGS' contiguous 3D data coverage in the SCOOP and STACK to over 10,000 kilometers. Exploration & production (E&P) companies will now have a more comprehensive onshore seismic data set in this region for optimal well positioning and lateral drilling hazard mitigation.
Kristian Johansen, CEO at TGS, said, 'The Kingfisher 3D is an exciting addition to our existing 3D seismic database in Oklahoma. As we expand onshore seismic activities, the integration of seismic, well data, basin modeling and interpretation further provides valuable insights in this prolific region. I am very pleased to see the growth of our onshore portfolio where our unique combination of seismic and well data products delivers the best subsurface knowledge to E&Ps.'
This area in the Anadarko Basin is characterized by a strong structural overprint with faulting at the Mississippian and deeper levels. Utilizing its modern land imaging technology, TGS is reprocessing the data in order to offer a full suite of reservoir products that include seismic attributes and advanced simultaneous inversion volumes. The Kingfisher 3D is complemented by TGS' geologic products which include a proprietary interpreted basin stratigraphic model that is derived from an extensive library of high-quality well data in the Anadarko basin, comprising of over 112,000 LAS contributing to the 302,000 LAS for the entire Mid-Con area.
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], +47 414 33 560