TGS Commences Onshore Seismic Acquisition for Additional Montney Basin 3D Project in Canada
CALGARY, Alberta (4 December 2019) – TGS announced today the commencement of its 2020 South Halfway 3D onshore seismic survey, amplifying its core position in the Inga/Fireweed area of North East British Columbia (B.C.) in Canada.
The South Halfway 3D is the second multi-client onshore project this winter season in the NEBC Montney basin for TGS, it is complementing recently announced Midnight 3D. When completed, the South Halfway project adds nearly 100 square kilometers of high-quality 3D seismic data and ties into existing TGS’ 3D seismic coverage in the area - exceeding 3,000 square kilometers over highly prospective Montney acreage. 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.
Kristian Johansen, CEO at TGS, said, "The South Halfway 3D project is another great addition to TGS’ high quality seismic data coverage in the Montney basin in British Columbia and further expands our comprehensive onshore library in the region. Our combined seismic, well log and interpretation datasets 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.
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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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