Blanchard 3D spans approximately 433 square miles over Grady and McClain counties. The survey is designed to image complex faulting and subsurface targets over the Mississippian through Devonian intervals and lies in the core of the South Central Oklahoma Oil Play (SCOOP), which targets the prolific Woodford Shale and also covers the recently announced overlying Springer Shale interval. Recording will commence during Q1 2015 using two high channel count, wireless, vibroseis crews and will be completed by Q2 2015. Data will be processed by TGS' wholly-owned subsidiary, Arcis Seismic Solutions, with final data available to clients in Q4 2015.
In addition, TGS has entered into an agreement with an oil and gas company to participate in an onshore 3D seismic project in Oklahoma. Loyal 3D spans approximately 589 square miles over Kingfisher and Grady counties. This project is being acquired with a multi-component wireless recording system and is designed to image subsurface targets from the Late Mississippian through Ordovician. Loyal lies in the core of the oil window targeting the prolific Meramec, Cana Woodford, Woodford Shale, and Hunton intervals within the commonly referenced STACK play fairway. Recording of this project will be complete in Q4 2014. Data processing will also be performed by Arcis and the resulting data will be exclusively owned by TGS. Preliminary data will be available to clients by year-end 2014 with final data delivery in Q2 2015.
"TGS' entry into the Anadarko Basin is consistent with our strategy to identify prolific and high potential onshore plays where the application of seismic can deliver significant benefits to the exploration and production of hydrocarbons," stated Rod Starr, Senior VP Western Hemisphere for TGS. "Through these two projects, TGS establishes a solid position in this new focus area with more than 1,022 square miles of high quality 3D seismic data complemented by an extensive amount of geological data."
Both projects are supported by industry funding.
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, permanent reservoir monitoring 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 principal 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.
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For additional information about this press release please contact: Kristian Johansen Chief Financial Officer Tel: +47 47 60 33 34 Email: email@example.com Will Ashby Director Investor Relations and M&A Tel: +1 713 860 2184 Email: firstname.lastname@example.org Rod Starr Senior VP Western Hemisphere Tel: +1 713 860 2100 Email: Rod.Starr@tgs.com