TGS And PGS Announce Torngat 3D Offshore East Canada

Asker, Norway (GLOBENEWSWIRE) - TGS and PGS announce the Torngat 3D multi-client project in Offshore East Canada.

Torngat 3D will cover approximately 3,287 km² and encompasses sections of the open acreage included in the Labrador South November 2021 bid round. PGS’ Ramform Titan will perform the acquisition, utilizing Geostreamer® technology. The project is expected to commence in late July 2019.

The Torngat 3D survey sits within Labrador Sea’s southern sedimentary basins where frontier exploration has already successfully identified hydrocarbons, such as in the nearby Hopedale and Snorri discoveries. Torngat 3D will be the first 3D seismic survey to be acquired offshore Labrador.

Following this ninth consecutive season of data acquisition in offshore East Canada, the jointly-owned library will have more than 189,000 km of 2D GeoStreamer data and approximately 52,000 km² of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.

“The successful joint venture between TGS and PGS has consistently provided the industry with the highest quality data in advance of scheduled licensing rounds. The Torngat 3D survey will be instrumental in assessing several amplitude variations (AVO) supported leads that were initially evaluated with our comprehensive 2D library in this region. Our combined seismic, well log and interpretation datasets provide the industry with invaluable subsurface insight. This is critical to help identify potential source rocks, structural and stratigraphic traps and reservoirs, allowing our clients to de-risk their exploration activities and prepare them for upcoming licensing rounds,” said Kristian Johansen, CEO, TGS.

This project is supported by industry funding.

Company summary
TGS-NOPEC Geophysical Company (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, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information
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 principle 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).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY”.

© 2019 GlobeNewswire, Inc. All Rights Reserved.