TGS-NOPEC Commences Acquisition of Second Sri Lanka Survey

TGS-NOPEC Geophysical, in collaboration with Fugro Geoteam, has commenced the acquisition of a new multi-client 2D survey in waters of Sri Lanka, South Asia. The 4,750-kilometer SL05 survey will complement data acquired by the company's earlier SL01 survey. Industry pre-funding supports the survey.

TGS and Fugro will share revenues generated from sales of the survey.

Modern, high quality data will be acquired over part of the Mannar Basin, which was largely unknown prior to TGS commencing work in the area in 2001.

Mr. Titus Jayarwardene, Sri Lanka Director General of Petroleum Resources said that commencement of the survey was the culmination of over four years work by TGS and the Sri Lankan government.

"The combination of technical work carried out by TGS and the implementation of a globally-competitive legal and fiscal regime in Sri Lanka has created an opportunity which should be of great interest to the international exploration community" he said.

The new dataset will enable petroleum explorers to better define the geological history of the area, which has already attracted significant industry interest.