May 30, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and
SLB have secured pre-funding to expand MultiClient 3D coverage in the
prospective Sarawak Basin offshore Malaysia. The survey will cover approximately
6,800 square kilometers and the Ramform Sovereign is scheduled to commence
acquisition in June 2023 and complete in August.
The survey is the second phase of a multi-year contract awarded initially by
PETRONAS in August 2020 to acquire and process up to 105,000 km² of MultiClient
3D data over a 5-year period in the Basin. First phase of the Sarawak program
was acquired in 2021 and covered 8,400 square kilometers.
"The Sarawak basin comprises a proven petroleum system with many producing
fields already present in the Central Luconia province. By acquiring MultiClient
data with our Ramform vessels and GeoStreamer technology, PGS and partners will
provide high quality regional scale seismic data that will improve understanding
of the petroleum systems and allow for prospect level AVO analysis and leads
mapping beyond the established offshore Sarawak producing assets," says
President & CEO in PGS, Rune Olav Pedersen.
"As the custodian of Malaysia's petroleum resources, Malaysia Petroleum
Management (MPM), PETRONAS is actively enhancing seismic data sets in the
country that will introduce new plays to be explored to our clients, especially
in imaging the pre MMU play in the deep-water area of Sarawak Basin," he added.
PGS announces contract awards and MultiClient projects as stock exchange
releases if the contract has a value of $10 million or more, MultiClient
projects with a duration of 2 months or more and strategically important
contracts.
FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 99 24 52 35
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PGS ASA and its subsidiaries ("PGS" or "the Company") is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. The Company operates on a worldwide basis with headquarters in
Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
For more information on PGS visit www.pgs.com (http://www.pgs.com).
***
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2022. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
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