Thursday, March 12, 2009

TGS Announces the Availability of Seismic and Aeromagnetic Data in Somaliland


Medeshi March 12, 2009
TGS Announces the Availability of Seismic and Aeromagnetic Data in Somaliland
Multi-Client Data Ready for Somaliland’s First Petroleum Licensing Round
HOUSTON--(BUSINESS WIRE)--TGS-NOPEC Geophysical Company (TGS) announced today that it has completed processing and interpretation of two new multi-client programs in Somaliland. Acquired in partnership with the Somaliland Ministry of Water and Mineral Resources (Ministry), the programs include 5,300 kilometers of marine 2D seismic, gravity, and magnetic data, plus approximately 34,000 kilometers of high resolution aeromagnetic data covering onshore areas.
Designed to define the principle structural elements of the area and allow for the development of leads, plays, and structural highs for further investigation, this new data is released to coincide with Somaliland’s first petroleum licensing round, which opened in February. The bid round includes eight concession blocks comprised of more than 89,624 square kilometers of onshore and offshore areas. Somaliland is geologically analogous to nearby Yemen, where several oil fields have been discovered to date.
TGS is the first company to gather new geophysical data in the Republic of Somaliland in almost thirty years. Through an agreement with the Ministry, TGS will exclusively market the seismic and aeromagnetic data on behalf of Somaliland.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).

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