TGS and PGS Announce South Bank 3D Multi-client Phase II Offshore Canada

TGS and PGS Announce South Bank 3D Multi-client Phase II Offshore Canada

12 May 2022 06:55 CEST

OSLO, Norway (12 May 2022) - TGS, a global provider of energy data and
intelligence, in partnership with PGS, today announced they have secured pre-
funding for the South Bank 3D phase II multi-client project offshore Canada,
extending on the South Bank phase I survey acquired in 2020. South Bank 3D Phase
II includes the acquisition of 10,000 square kilometers of 3D data, building on
the existing library of extensive 2D data coverage in the region.

Kristian Johansen, CEO at TGS, commented, "The TGS and PGS joint venture
continues to successfully provide the industry with high-quality data and
insights ahead of scheduled lease rounds. The South Bank 3D Phase II survey will
help clients with the evaluation of the blocks available in the round this
November and accelerate drill decisions."

President & CEO in PGS, Rune Olav Pedersen, said, "We experience continued
exploration interest offshore Canada and this is the 12(th) consecutive year of
multi-client GeoStreamer data acquisition in the region. The South Bank phase II
multi-client survey expands our 3D data coverage in the Southeast Newfoundland
and will cover acreage included in the 2022 Call for Bids license round."

The Ramform Titan will mobilize for the survey in the second half of May, and
acquisition is scheduled to complete in the first half of September.

About TGS
TGS provides scientific data and intelligence to companies active in the energy
sector. In addition to a global, extensive and diverse energy data library, TGS
offers specialized services such as advanced processing and analytics alongside
cloud-based data applications and solutions.

Forward Looking Statement
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, as
well as volatile market conditions, which have been exacerbated by the COVID-19
pandemic and the severe drop in oil prices. 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 (http://www.tgs.com) or contact:

Sven Børre Larsen
Chief Financial Officer
[email protected] (mailto:[email protected])

More information:
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561915_TGS and PGS Announce South Bank 3D Multi-client.pdf

Source

TGS ASA

Provider

Oslo Børs Newspoint