This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
OSLO, Norway (13 September 2022) - TGS, a global provider of energy data and
intelligence, today announced the Capreolus Phase 2 3D seismic survey in the
Carnarvon Basin on the Australian North West Shelf. This survey is adjacent to
the Capreolus Phase 1 survey acquired in 2015 by Polarcus and purchased by TGS
in 2018.
Capreolus Phase 2 will comprise 4,500 square kilometers of multi-client seismic
data located in the Beagle Sub-Basin, an underexplored area on Australia's North
West Shelf. This area has undergone renewed exploration interest since the
discovery of light oil at Dorado and, more recently, the Pavo discovery in the
adjacent Bedout Sub-Basin.
CEO at TGS, Kristian Johansen, commented, "TGS has been active in Australia
since 1998 with an extensive seismic and well database that is continually
enhanced to meet the exploration needs of the region. Australia presents
attractive investment opportunities with abundant energy resources for
exploration and development. The key to ongoing success in Australia is high-
quality modern seismic data to boost subsurface insight, and the Capreolus Phase
2 survey will deliver on this."
The PXGEO 2 vessel will mobilize for the survey in December 2022, and the
acquisition is scheduled to be completed in March 2023, with final processing
deliverables anticipated in Q1 2024.
This project is supported by industry funding.
About TGS
TGS provides scientific data and intelligence to companies active in the energy
sector. In addition to a global, extensive and diverse energy data library, TGS
offers specialized services such as advanced processing and analytics alongside
cloud-based data applications and solutions.
Forward Looking Statement
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, as
well as volatile market conditions, which have been exacerbated by the COVID-19
pandemic and the severe drop in oil prices. 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.
For more information, visit TGS.com (http://www.tgs.com) or contact:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com (mailto:investor@tgs.com)