PGS Completes Library Sales in West Africa Valued at $28 million

Petroleum Geo-Services announced the closing of seismic multi-client transactions in West Africa with a total sales value of approximately $28 million. These transactions are related to late sales and uplift fees from the last deep water license round in Nigeria and the upcoming license round in the Joint Development Zone (JDZ) between Nigeria and Sao Tome.

Diz Mackewn, President of PGS Geophysical, stated "PGS has for some time worked together with the local governments in many of the prospective countries around the world to identify opportunities that would benefit PGS while at the same time benefiting the local government by increasing the interest and participation in offshore licensing rounds. These transactions are proof that our business plans are working effectively."