PGS, TGS Continue Surveys in Canada

Petroleum Geo-Services (PGS), in cooperation with TGS, has returned for the third year to East Canada to complete acquisition of a previously announced 2D MultiClient survey offshore Newfoundland using the PGS GeoStreamer acquisition technology. The 2013 program will acquire additional data over approximately 16,000 line km of the Northeast Newfoundland Slope.

Offshore Newfoundland and Labrador has attracted increasing attention recently, as it is believed that the area has significant exploration and production potential with available acreage covering an area larger than the Gulf of Mexico. Statoil’s Mizzen discovery (200 million barrels recoverable) and the recent announcement of a light high-quality oil discovery in the Flemish Pass Basin at its Harpoon prospect support this theory and confirm potential north of the Jeanne d’Arc Basin.

Final processed data from the 2013 acquisition season will be available during the Spring of 2014, by which time a total of approximately 46,000 line km of MultiClient 2D data will have been acquired and processed in Newfoundland and Labrador through the cooperation agreement.