A2D Technologies secures third underwriter for GOM WSR project
20 July 2006
Houston, Texas (20 July, 2006) - Well log data provider, A2D Technologies, has secured a third underwriter for the Company's Gulf of Mexico Workstation Ready project. With this additional industry pre-funding, A2D has closed early participation options for the program.
Workstation Ready format (WSR) is based on raw LAS log data, which is then researched to ensure completeness, processed and verified to high quality assurance standards and delivered to the end user in a standardized format that allows for efficient loading into interpretive applications. The project will result in a complete set of Gulf of Mexico WSR wells.
Processing of the Gulf of Mexico WSR project is well underway and is expected to complete within 30 months. Together with A2D's existing inventory, the number of Gulf of Mexico wells processed to WSR standard will exceed 25,000.
A2D Technologies, a TGS-NOPEC Company, 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. TGS is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. 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