TGS Begins Acquisition of Two New Onshore 3D Seismic Projects
Asker, Norway (6 February 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, announced today it has started acquisition of the Plains 3D seismic survey in the Northern Shelf area of the Midland Basin and Ravenclaw 3D in the Edson area of Alberta, CA.
Located in Yoakum County, Texas, the Plains 3D is a 248 square kilometer survey expands TGS’ 3D seismic offerings in the Permian Basin. It encompasses a portion of Wasson Field which has produced over 2 Billion bbls since the 1930’s. This new survey will aid in applying modern horizontal drilling methods to formations, such as the San Andres, which was historically drilled vertically as well as secondary recovery CO2 flooding.
Ravenclaw 3D is a 100 square kilometer survey in West Central Alberta, CA. Utilizing the latest land acquisition and processing technologies, this 3D survey will help operators to de-risk Lower Cretaceous plays, which have been the focus of development in the area for the last few years. Multi-zone play potential exists in other historically hydrocarbon-producing formations including Rock Creek, Cardium and Ellerslie. Acquisition and completion of the project will occur in the first quarter of 2020.
Both modern high-resolution 3D surveys further TGS’ leading onshore seismic data offerings in North America. Along with TGS’ extensive well data library, operators will have access to comprehensive data coverage from which to enhance their exploration efforts.
Kristian Johansen, CEO at TGS, said, " I am very pleased to see the growth of our onshore data portfolio in core areas of hydrocarbon exploration within North America. TGS’ unique combination of seismic and well data products provides operators with subsurface insight that leads to improvement of drilling performance.”
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
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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