TGS NOPEC Says No Basis for Merger Delay



With respect to the agreed and approved merger with Wavefield-Inseis and inlight of yesterday's Wavefield-Inseis EGM:

TGS-NOPEC stands by its previous public statements concerning its position. Namely, there is no legal basis for a delay in the merger, TGS is not in a position to consider a revision to the terms of the existing agreement, TGS believes that the PWC report covers all relevant issues hence TGS-NOPEC will not consider another third-party investigation into its third quarter revenues.

TGS-NOPEC is reviewing its full range of legal alternatives and its rights under Norwegian law.

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