TGS & GGS Join Forces on a 2-D Survey Project in GoM

TGS-NOPEC Geophysical Company ASA (TGS) and Global Geo Services ASA (GGS) have entered into a 50-50 joint venture on a 28,000 kilometer multi-client 2-D survey located in the Central Gulf of Mexico planning area known as "181 South". The project is supported by pre-funding from several oil companies.

TGS and GGS will combine acquisition resources to complete the recording of the survey in January 2008. GGS Atlantic will acquire 19,000 kilometers, and is expected to be occupied with this survey until mid December 2007. GGS Atlantic has recorded over 14,000 kilometers to date. The prestack time and depth migration processing is being performed by GGS-Spectrum and is expected to be completed in May 2008. TGS will be responsible for marketing and sales of the resulting products.

GGS will receive US $3.1 million from TGS as part of this agreement.

The Minerals Management Service currently has a lease sale scheduled for the 181 South area in March of 2009.


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