TGS-NOPEC Geophysical Company ASA

10/30/2019 | Press release | Distributed by Public on 10/30/2019 07:10

TGS Commences Onshore Seismic Acquisition for Montney Basin 3D Project in Northeast British Columbia

CALGARY, Alberta (30 October 2019) - TGS announced today the commencement of its Midnight 3D onshore seismic survey to further solidify its core position in the Inga/Fireweed area of British Columbia in Canada.

The survey merges into TGS' existing onshore Canadian seismic data coverage in the condensate region of the Montney basin and straddles a large area where drilling activity is incentivized by deep-well royalty credit. When completed and processed by TGS, the Midnight 3D project will result in 168 square kilometers of high-quality 3D seismic data. It increases the TGS's contiguous Montney 3D seismic coverage to over 1,500 square kilometers. A full suite of AVO-compliant reservoir characterization products, in addition to a suite of pre-stack depth-migrated deliverables, will be available in early 2020. The Midnight 3D survey is located in the heart of highly prospective, liquids-rich Montney acreage, with surrounding wells producing as much as 60-80 percent liquids and boasting some of the best, single-well economics in North America. TGS data library in this basin also includes interpretive geological products derived from our extensive library of well data.

Kristian Johansen, CEO at TGS, said, 'The Midnight project is an excellent addition to our existing Montney 3D seismic database in Canada and further expands our comprehensive onshore library in the region. Our combined seismic, well log and interpretation data provide the industry with invaluable subsurface insight, and the additional 3D coverage will be instrumental to our customers' exploration and development efforts in the area.'

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.comor contact:

Dean Zuzic, Chief Financial Officer, [email protected]