TGS Pleased with Results of Third Party Review
In reference to the independent third-party review initiated by TGS-NOPEC on November 9, 2007, TGS released the full report prepared by PricewaterhouseCoopers, which supports TGS-NOPEC's actions.
The report prepared by PwC was intended to address TGS-NOPEC's third quarter revenue shortfall and the extent to which TGS-NOPEC could have been aware of this shortfall at the time of the EGM to approve the merger. PwC analyzed data concerning revenue distribution from late sales within the last month of each quarter over the past several years, together with historical success ratios and the high volume of outstanding quotes at the time of the EGM. "We [PwC] have not identified any information that should alter the assumptions expressed by Management for obtaining the third quarter revenue forecast."
The PWC review concludes that "we [PwC] have not identified any changes with respect to the third quarter revenue forecast, expressed by Management in June 2007, that should necessitate the need to provide information prior to, or at EGM time, in compliance with Section 19 of the Merger Plan."
"The findings and conclusions from the third-party review support the facts that TGS performed all its obligations in accordance with its high corporate governance standards. We look forward now to concluding the approved merger process expeditiously and unlocking the true value that the combination of these two winning organizations can provide", says Hank Hamilton, CEO of TGS.
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