TGS to Acquire New GOM Deepwater 3D Survey

TGS-NOPEC Geophysical will acquire a new multi-client 3D seismic survey in the areas of Garden Banks, Keathley Canyon, Green Canyon and Walker Ridge located offshore Louisiana and Texas in the Gulf of Mexico.

Covering approximately 600 deepwater OCS blocks (14000 square kilometers), the new program, named "Stanley", focuses on an area of expected high lease turnover over the next several years. Forty percent (40%) of the current leases are scheduled to expire over the next 3 years with 22% of existing leases expiring in 2007. Currently, 24% of the OCS blocks are available for leasing.

The MV Polar Search will commence data acquisition in early April 2006. An area covering approximately two hundred (200) OCS blocks will be recorded, processed and delivered in advance of the 2007 Central Gulf of Mexico OCS Lease Sale. Acquisition of the entire 600-block project is expected to last approximately thirteen months.

"The complex geology in the Stanley area has historically been extremely challenging to properly image. TGS will incorporate 9000-meter streamer offsets and a host of advanced pre-stack imaging techniques to generate multiple output volumes, including both wave equation and Kirchhoff pre-stack depth products. Utilization of advanced technology in concert with the turnover of leases in the area will provide TGS and its clients a commercially significant project for advancing exploration in this difficult area for quite some time." said Kim Abdallah, Vice President of NSA New Ventures.

Confirming the demand for new data in this region, Stanley is supported by substantial customer underwriting.