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TGS Commences ‘Gambito 2020’ 3D Seismic Survey Offshore The Gambia

Written by Customer Service on . Posted in Public Companies.

Asker, Norway (17 April 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, has announced that it has fired the first shot in a 3D seismic survey it is undertaking offshore The Gambia.Under the cooperation of The Gambian Ministry of Petroleum & Energy (MOPE), the acquisition is being undertaken in conjunction with BGP, utilizing the BGP Prospector vessel. This vessel steamed south after recently completing another 3D seismic survey in northern Senegal, also on behalf of TGS.The 4,770-square kilometer Gambito 2020 3D survey covers open acreage in deep and ultra-deep waters and looks to be highly prospective since extensive basin floor fans were identified in TGS 2D regional seismic grids. Located at the heart of the MSGBC basin, the survey will be adjacent to Jaan, a fully harmonized ~30,000-square kilometer 3D multi-client seismic project which recently delivered final PSTM/PSDM products.The acquisition in The Gambia will last around three months, with the full dataset available after final processing in Q2 2021. The survey will support a future licensing round organized by the country. TGS also has exclusive rights to existing multi-client seismic data offshore The Gambia.Kristian Johansen, CEO at TGS, stated: “The commencement of the Gambito 2020 3D is the latest step to increase our extensive subsurface survey activities in the MSGBC basin, a prolific region in offshore West Africa. TGS’ unique combination of seismic and interpretation products in the area will offer our customers critical insight into supporting their E&P plans in this region.”About TGS
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.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 or contact:Sven Børre Larsen
EVP, Strategy and M&A
+47 90943673
investor@tgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachmentGambito MC3D – Map

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