TGS announces new seismic survey in Morondava Basin, Madagascar
03 October 2005OSE
Naersnes, Norway (4 October, 2005) - TGS-NOPEC Geophysical Company ASA (TGS) announced today the start of a new seismic survey in the Morondava Basin, offshore west Madagascar.
TGS' program consists of approximately 10,300 kilometers of multi-client 2D seismic data covering the Morondava Basin and French waters of the Mozambique Channel and is designed to expand the Company's 2,158-kilometer 2001 vintage survey into deeper basins across the entire region. The survey is well funded by industry and will be available early in the 2nd quarter 2006.
A bid round is planned in the Madagascan portion of the survey area for next year. Details of the bid round will be announced from The Office des Mines Nationales et des Industries Strategiques in Madagascar (OMNIS) and closing of the bid round is expected in the 3rd quarter 2006.
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry. 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 products 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).
John AdamickSenior VP, Geological Products and Services
Tel: +1 713 860 2100