Closing of the Liberia Basin bid round 2014

17 November 2014

ASKER, NORWAY (17 November 2014) - The National Oil Company of Liberia (NOCAL) has announced the closing of the Liberia Basin competitive bid round, as of 14 November 2014. The round comprised of four undrilled offshore petroleum exploration blocks over which TGS has comprehensive, high quality, data coverage constituting 2D over Blocks LB-6, LB-7 and 2D/3D over Blocks LB-16 and LB-17.

The bid opening ceremony is taking place on 17 November and winners will be notified after the completion of bid evaluation, anticipated on 24 November.

"We are extremely pleased with the high level of interest and bid submissions from international and local oil companies. The success of this licensing round has demonstrated the industry's demand for exploration opportunities in Liberia. This demand should be further satisfied with another bid round (focusing on the Harper Basin) which is planned for next year once the regulatory reform has been completed," said Althea E. Sherman, General Counsel/Chief Operating Officer for NOCAL. 

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.