PGS Begins 2D Seismic Acquisition Offshore Tunisia

PGS is to start the acquisition of 2540 line km's of 2D seismic offshore Northern Tunisia.

PGS Geophysical AS has entered into an agreement with ETAP to acquire exclusive 2D and 3D seismic data in the shallow water Tyrrhenian Basin, offshore Northern Tunisia.

This area approximately covers 25,000 km2 in extent and will be the subject of future licensing to oil and gas companies in Q4 2005. It is crossed by a fold thrust belt linking the North African Atlas and the Sicily Appennine which contains the giant Val D'Agri, Luna, Vega and Gagliano fields in Italy.

With the new hydrocarbon law effective since 2000, favorable fiscal regulations, flexibility of licensing procedures and a renewed emphasis to negotiate most terms Tunisia is attracting new entrants. Tunisia is also providing great opportunities for foreign direct investment due to its proximity to developed countries and its close ties with the European Union.