ASKER (12 May 2015) - TGS announces two new multi-client 2D surveys offshore Eastern Canada, with plans to acquire approximately 30,000 km of seismic data. Both surveys are in partnership with PGS, utilizing two vessels during the 2015 acquisition season.

The M/V Atlantic Explorer utilizing the PGS GeoStreamer® technology, will acquire approximately 18,000 km of seismic data in the Southeast Grand Banks.  Data acquisition will commence during June 2015.

The M/V Sanco Spirit, also utilizing the PGS GeoStreamer® technology, will acquire approximately 12,000 km of seismic in the South Labrador, Northeastern and Eastern Newfoundland area. Data acquisition will commence during July 2015.

Both projects will provide valuable data covering expected Areas of Interest (AOIs) to be released by Canada's Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) as part of the new land tenure system announced to the industry previously. Pre-processing of the initial GeoStreamer signal will be performed by PGS following which TGS will perform data processing with final data available to clients Q3 2016.

"TGS' continued investment in this region reflects our support of Newfoundland-Labrador's provincial energy strategy, including more detailed coverage in the expected future AOIs. Including these new surveys the total 2D library size in East Coast Canada will reach approximately 115,000 kilometers since the TGS and PGS joint venture started acquiring data in 2011. In combination with our interpretation products the data will assist our customers with their evaluation of the plays providing a unique insight into this region's potential," commented Katja Akentieva, Senior VP Western Hemisphere for TGS.  

Both of these projects have industry support.