TGS-NOPEC Acquires New Seismic Data Offshore Greenland

TGS-NOPEC says its 2003 West Greenland programs, scheduled to commence in August 2003, will supplement the company's existing 2D seismic coverage over key blocks included in the 2004 Licensing Round. The program will add approximately 7,000 kilometers to existing seismic surveys, including 3,500 kilometers of additional data directly over the Leasing Round acreage. This season's acquisition will complement the Company's existing 25,000 kilometers of 2D data in the area. Oil industry pre-funding has been secured for the new programs.

"West Greenland has one of the largest unexplored offshore areas in the world. Acquiring additional high-end 2D seismic data is necessary to form a more complete picture of the hydrocarbon potential of the regions off the West Greenland coast where ice is not a problem," stated Jens Chr. Olsen, Sales Manager for West Greenland.

The Greenland Bureau of Minerals and Petroleum has scheduled the 2004 Licensing Round to open on April 1, 2004. Closing date for applications is planned for October 1, 2004 and it is anticipated that licenses will be granted at the New Year of 2004/2005.