TGS ASA

Regulatory Filings • Sep 13, 2022

TGS Announces New 3D Seismic Survey Close to Dorado and Pavo Discoveries in North-West Australia

TGS Announces New 3D Seismic Survey Close to Dorado and Pavo Discoveries in North-West Australia

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

OSLO, Norway (13 September 2022) - TGS, a global provider of energy data and

intelligence, today announced the Capreolus Phase 2 3D seismic survey in the

Carnarvon Basin on the Australian North West Shelf. This survey is adjacent to

the Capreolus Phase 1 survey acquired in 2015 by Polarcus and purchased by TGS

in 2018.

Capreolus Phase 2 will comprise 4,500 square kilometers of multi-client seismic

data located in the Beagle Sub-Basin, an underexplored area on Australia's North

West Shelf. This area has undergone renewed exploration interest since the

discovery of light oil at Dorado and, more recently, the Pavo discovery in the

adjacent Bedout Sub-Basin.

CEO at TGS, Kristian Johansen, commented, "TGS has been active in Australia

since 1998 with an extensive seismic and well database that is continually

enhanced to meet the exploration needs of the region. Australia presents

attractive investment opportunities with abundant energy resources for

exploration and development. The key to ongoing success in Australia is high-

quality modern seismic data to boost subsurface insight, and the Capreolus Phase

2 survey will deliver on this."

The PXGEO 2 vessel will mobilize for the survey in December 2022, and the

acquisition is scheduled to be completed in March 2023, with final processing

deliverables anticipated in Q1 2024.

This project is supported by industry funding.

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.

Forward Looking Statement

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, as

well as volatile market conditions, which have been exacerbated by the COVID-19

pandemic and the severe drop in oil prices. 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.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Sven Børre Larsen

Chief Financial Officer

investor@tgs.com (mailto:investor@tgs.com)