TGS Announces Commencement of Penyu Basin Multi-Client 3D Seismic Offshore Peninsular Malaysia

OSLO, Norway (3 April 2024) --TGS, the leading global energy data and intelligence provider, alongside JV consortium partners PGS and SLB, announces the commencement of a multi-client 3D seismic project in the Penyu Basin, offshore Peninsular Malaysia.

In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage potential across Penyu Basin area. The acquisition of this new seismic data will enable clients to effectively conduct evaluation on the exploration and carbon storage potential for the upcoming Malaysia Bid Round.

Kristian Johansen, TGS CEO, commented: "The Penyu Basin is one of Southeast Asia's most exciting yet underexplored frontier exploration hotspots, with the potential of uncovering new exploration plays and CCS opportunities. We are pleased to be able to collaborate with MPM and our JV partners to spearhead exploration in this region through a state-of the-art Geostreamer multi-client 3D acquisition program. We continue to increase our footprint across Malaysia as it develops into a key part of our multi-client seismic data library, and together with our partners, we look forward to delivering high-quality seismic data across Malaysia and the Penyu Basin."

Rune Olav Pedersen, President and CEO in PGS says: We are very pleased on the commencement of the Penyu basin multi-client 3D seismic program together with our JV partners, extending the acquisition campaign for the Ramform Sovereign into the second half of the year. This survey marks a change in how clients use newly acquired multi-client seismic data. In addition to the traditional oil and gas exploration activities, this data will be used to facilitate assessment of Carbon Capture and Storage (CCS) potential. By acquiring multi-client seismic data with our Ramform vessels and GeoStreamer technology we will provide high quality regional scale seismic data that will improve regional understanding of the subsurface."

The Ramform Sovereign vessel was mobilized to the acquisition area in March 2024 and the area coverage is approximately 7,800 square kilometers. Acquisition completion is anticipated in July 2024, and processing completion is projected for June 2025.

About TGS
TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions. For more information about our products and services and who we are, visit TGS.com.

For more information, visit TGS.com or contact:

Sven Børre Larsen
CFO
Tel: +47 90 94 36 73
E-mail: investor@tgs.com

Attachment

TGS_Penyu_3D_Phase_1

\Hugin