TGS announces further expansion of North-West African Atlantic Margin 2D seismic survey

ASKER, Norway, April 04, 2017 -- TGS announces a further expansion of its NWAAM multi-client library in the MSGBC Basin with plans to acquire more than 11,000 km of long-offset broadband 2D seismic data together with magnetic and gravity data, in Senegal and Gambia. This expansion is being undertaken in cooperation with Petrosen in Senegal and the Ministry of Petroleum and Energy in Gambia. The investment is being undertaken together with PGS and GeoPartners.   Acquisition of this further phase of NWAAM 2017 has commenced and continues seamlessly from Phase 1. The NWAAM 2017 seismic survey has been designed to infill, extend and complement the TGS NWAAM 2012 2D survey which helped with recent commercial discoveries in the MSGBC basin. A 12 km deep-tow streamer will enable the recording of high quality broadband 2D seismic data, which will image the pre-rift, syn-rift and post-rift plays evident in this basin.

"This further expansion of our NWAAM data library confirms TGS' continued commitment to the leading frontier basin in Africa. We are excited to be part of the ongoing exploration and upcoming development of this basin,” commented Kristian Johansen, CEO for TGS.

This survey is supported by industry funding and is being undertaken with the seismic vessel, BGP Dong Fang Kan Tan 1.

A PDF accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8055ea29-20a6-4093-acc6-6d212f0bac2f 

Company Summary

TGS-NOPEC Geophysical Company (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.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

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 principle 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).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected]

Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: [email protected]

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.