TGS Announces New Multi-client Surveys and Partnerships at its 2013 Capital Markets Day
ASKER, NORWAY – TGS is hosting its 2013 Capital Markets Day today in London, United Kingdom. The prepared program begins at 14:00 BST (GMT +1) and will include presentations from the TGS Executive Management team. Announcements will be made on three new surveys:
• Cheyenne 3D land survey covering 1,689 km2 in Cheyenne and Kiowa Counties in Colorado in an area that produces from horizons in both the Mississippian and the Pennsylvanian petroleum systems. Acquisition of the survey is expected to commence during Q3 2013 with final data available to industry during Q2 2014.
• Francisco 3D is a 4,662 km2 multi-client 3D survey that has commenced in the Atwater Valley area of the central Gulf of Mexico. This is the first 3D survey in this frontier area of the Gulf of Mexico. TGS will perform broadband processing on the survey using its proprietary Clari-FiTM technology.
• After 14 years, TGS returns to Denmark to acquire a 7,000 km multi-client 2D survey. TGS will perform broadband processing on the survey using its proprietary Clari-FiTM technology. Data will be available for the industry prior to the Danish 7th round which is planned to be announced in late 2013.
All of the above mentioned surveys are supported by industry funding.
TGS will also announce three new partnerships:
• TGS has signed a three year agreement with BGP to jointly acquire, process and market 2D and 3D multi-client seismic data offshore Madagascar and East Africa. TGS will leverage respective strengths of the partnership to build a strong portfolio of new multi-client projects in this highly prospective region. The agreement includes an initial 2D multi-client 13,135 km seismic survey in west Morondava, offshore Madagascar. The newly acquired data will extend and infill the existing regional 2D multi-client data acquired by TGS in 2001 and 2005.
• TGS has signed a cooperation agreement with EMGS to develop joint multi-client projects in defined areas of NW Europe. With this agreement, TGS obtains access to 2D/3D controlled source electromagnetic (CSEM) data to design and acquire new 3D seismic projects, while EMGS will be given access to TGS’ 2D grid as the basis for planning new 3D CSEM projects.
• TGS has signed a letter of intent with Magseis establishing an exclusive multi-client partnership using new Ocean Bottom Seismic technology. Joint projects are currently being planned with promising customer feedback.
In addition TGS will announce its intention to implement a sponsored American Depositary Receipt (ADR) program later in Q2 2013 subject to completion of the U.S. Securities and Exchange Commission filing. TGS reaffirms its full year 2013 guidance.
To access TGS Capital Markets Day information, click on the links below:
TGS 2013 Capital Markets Day Webcast: http://www1.axisto.co.uk/webcasting/investis/tgs/capital-markets-day-2013/?__hstc=112058779.b221c4d89576f09cd33477dfa416e0cb.1369290497852.1369290497852.1369290497852.1&__hssc=112058779.1.1369290497853
TGS 2013 Capital Markets Day Presentation Slides: http://www.tgs.com/uploadedFiles/TGS%20CMD%202013%20Presentation%20FINAL.pdf
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, permanent reservoir monitoring 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
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