Asker, Norway (March 9, 2020) – TGS and Fairfield Geotechnologies announced today they have agreed to acquire a new multi-client survey within the previously announced Area of Mutual Interest (AMI) established between the two companies in June 2018. The companies have commenced operations on The Channel 3D survey in Lea County, New Mexico. Permitting is underway for an initial outline of 440 square kilometers with acquisition set to begin in Q2 2020.
The San Simon Channel, separating the Central Basin Platform from the Northwestern Shelf, is an area with new resource potential in the Permian Basin. The Channel 3D survey is designed to image deeper targets in the Strawn and Atoka algal mounds as well as the Bone Spring Sands and Wolfcamp intervals. Other productive zones with remaining potential include Devonian, Abo, and Paddock horizons. Operators will have access to comprehensive data coverage from which to enhance their exploration efforts.
This high-resolution 3D survey extends TGS and Fairfield Geotechnologies’ footprint in a key area of the Permian Basin. This project is supported by industry funding.
Privately held Fairfield Geotechnologies, is a leading provider of multi-client data services in the United States. The company has the most extensive and highest quality seismic coverage in the Permian and continues expanding to other US unconventional basins. In addition to the largest contiguous multi-client data library on the US Gulf of Mexico shelf, the company also provides leading edge processing, imaging and reservoir characterization services.
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
Chief Financial Officer, TGS
Chief Marketing Officer, Fairfield Geotechnologies