TGS Announces New 3D Seismic Survey Close to Dorado and Pavo Discoveries in North-West Australia
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
OSLO, Norway (13 September 2022) – TGS, a global provider of energy data and intelligence, today announced the Capreolus Phase 2 3D seismic survey in the Carnarvon Basin on the Australian North West Shelf. This survey is adjacent to the Capreolus Phase 1 survey acquired in 2015 by Polarcus and purchased by TGS in 2018.
Capreolus Phase 2 will comprise 4,500 square kilometers of multi-client seismic data located in the Beagle Sub-Basin, an underexplored area on Australia's North West Shelf. This area has undergone renewed exploration interest since the discovery of light oil at Dorado and, more recently, the Pavo discovery in the adjacent Bedout Sub-Basin.
CEO at TGS, Kristian Johansen, commented, "TGS has been active in Australia since 1998 with an extensive seismic and well database that is continually enhanced to meet the exploration needs of the region. Australia presents attractive investment opportunities with abundant energy resources for exploration and development. The key to ongoing success in Australia is high-quality modern seismic data to boost subsurface insight, and the Capreolus Phase 2 survey will deliver on this."
The PXGEO 2 vessel will mobilize for the survey in December 2022, and the acquisition is scheduled to be completed in March 2023, with final processing deliverables anticipated in Q1 2024.
This project is supported by industry funding.
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.
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Sven Børre Larsen
Chief Financial Officer
