CST: 01/10/2016 03:35:48   

TGS Reaches 50% Acquisition Progress Mark on Gigante Seismic Program, Commences Gigante Coring Program in Mexico

247 Days ago

HOUSTON, TX--(Marketwired - Jan 28, 2016) - TGS announced that it has acquired 93,000 kilometers (50%) of the 186,000 km 2D seismic project, Gigante. Gigante covers the entire offshore sector of Mexico and ties into TGS' regional 2D seismic grid covering the entire US Gulf of Mexico. Interpretation of preliminary data has identified a number of prospective play fairways within a variety of structural provinces. Delivery of fast track products is ongoing with over 57,000 kilometers presently available including areas covering the proposed bid rounds in the Campeche, Perdido and Mexican Ridges regions.

Acquisition of the Gigante multibeam data is 12% complete with preliminary results available. The resulting detailed seafloor bathymetry provides valuable information on the structural overprint of underlying geology and can identify seafloor hydrocarbon seeps. This is used to direct TGS' seafloor coring operations which commenced in January. The piston core samples will be analyzed to validate active petroleum systems and will be combined with TGS' other geoscience data as part of a comprehensive framework interpretation of the region. Maps for both surveys can be found here.

These surveys are 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".

For additional information about this press release please contact:

Sven Borre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com

Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Email: will.ashby@tgs.com