ASKER, NORWAY — (Marketwire) — 09/01/11 — TGS has awarded the acquisition of a 307 mi2 (795 km2) multi-client 3D project located onshore United States. The new seismic program, Firestone 3D, is designed to illuminate the Utica Shale play in Northeast Ohio and aid in the development of this unconventional play. Tidelands Geophysical Services is expected to begin acquisition on the project in Q1 2012. Data acquisition is anticipated to take seven months.
The is a geologic formation located a few thousand feet below the that is characterized by a western oil phase, a central wet gas and an eastern dry gas phase. The new seismic survey is located over the wet gas/liquids rich portion of the Utica Shale. Many see the Utica Shale play as analogous to the prolific Eagle Ford Shale in Texas. The Utica Shale is thicker and more geographically extensive than the Marcellus Shale Trend and has already proven its ability to support commercial production.
“The use of 3D multi-client seismic by oil and gas companies in the development of the unconventional plays in the onshore United States has grown substantially in recent years. We have carefully watched the development of this market and are excited to expand our existing onshore library to include this 3D seismic data,” said Robert Hobbs, CEO of TGS. “TGS continues to be successful in diversifying its both by product as well as geography,” continued Hobbs.
This multi-client program is supported by industry pre-funding.
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS– geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry–s largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. For more information visit TGS online at .
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).
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