TGS-NOPEC Begins Heimdall Non-Exclusive 2D Survey

TGS-NOPEC Geophysical Company has begun the acquisition of "Heimdall", a new 9,300 km non-exclusive 2D seismic survey in waters of both Indonesian and Vietnamese jurisdiction. Industry pre-funding supports the survey.

In June 2003, after 25 years of negotiation, Vietnam and Indonesia signed an agreement over their maritime boundary in this potentially oil-rich area of the South China Sea. Acquisition of modern, high quality, regional data commenced on March 27, 2004 over parts of the West Natuna, Nam Con Song and East Natuna Basins. The survey will enable petroleum explorers to better assess the prospectivity of an area where little exploration has taken place since the 1970's. The area will be offered in separate bid rounds to be hosted by the Indonesian Government and Vietnamese Government. The bid rounds will be held during the second half of 2005.

Dr. Tran Ngoc Canh President & CEO of Petrovietnam said that TGS-NOPEC had been given exclusivity to acquire multi-client data over the Vietnamese part of the survey area. "The Vietnamese Government is keen to attract new investment for exploration of our sedimentary basins, and this survey will provide an important foundation", said Dr. Canh.

Mr. Novian Moezahar Thaib Director of Exploration & Exploitation Oil and Gas (Direktorat Jenderal Minyak dan Gas Bumi/ MIGAS), said "TGS-NOPEC has in recent times acquired over 34,000 km of non-exclusive data in Indonesian waters and has played an important role in supporting MIGAS in it's promotion of exploration in Indonesia. This new survey continues that necessary work".