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2021-07-06

TGS and PGS announce Lewis Hills 3D Multi-client Phase 2 Offshore East Canada

OSLO, Norway (6 July 2021) - TGS, a global provider of energy data and intelligence, in partnership with PGS, today announced Lewis Hills 3D multi-client phase 2 offshore East Canada. Phase 2 includes the acquisition of 947 square kilometers of additional 3D data, tying into the existing project’s 2,811 square kilometers to create one contiguous dataset.

The Lewis Hill 3D volume is positioned in the highly prospective Orphan Basin, with recent discoveries in the Flemish Pass and connecting further south to the productive Jeanne D’Arc Basin. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.

David Hajovsky, EVP of Western Hemisphere at TGS, commented, “The TGS and PGS joint venture continues to consistently provide the highest quality data ahead of scheduled licensing rounds – further strengthening our position in East Coast Canada. Phase 2 of this project will provide additional contiguous 3D data coverage and enhance the geological understanding in the region, allowing clients to de-risk their exploration activities and investments.”

Neil Paddy, VP North America at PGS, commented, “The Lewis Hills Phase 2 survey completes coverage between the Flemish Pass and Orphan Basin. GeoStreamer imaging technology supports the ongoing exploration drilling programs and this project will be key in enhancing understanding of the petroleum systems at play.”

Final fully processed stacks are expected to be delivered to the industry by Q3 2022.

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 or contact:
  
Sven Børre Larsen
SVP Strategy
+47 90 94 36 73
investor@tgs.com

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