TGS ASA

Regulatory Filings • Jan 4, 2023

TGS and CGG Announce Foz do Amazonas Phase II 3D Multi-client Survey Offshore Brazil

TGS and CGG Announce Foz do Amazonas Phase II 3D Multi-client Survey Offshore Brazil

OSLO, Norway (4 January 2023) - TGS, a global provider of energy data and

intelligence, in partnership with CGG, a global technology and HPC leader, today

announced the second phase of the Foz do Amazonas 3D multi-client survey,

located in the offshore Brazil Equatorial Margin. This survey, covering 11,425

square kilometers, will broaden the region's 3D coverage and deliver additional

high-quality data essential for the exploration efforts in the basin.

Existing 2D data and adjacent 3D data indicate the presence of reservoir

depositional fairways in this location which overlies a source interval

contemporaneous with the Guyana Basin petroleum system. Basin model studies

predict a mature Early Cretaceous petroleum system with extensive regional

reservoir distribution. The nearby Zaedyus discovery in French Guiana and the

Narina and Venus wildcat discoveries on the conjugate margins of Liberia and

Sierra Leone support resource potential in the Foz do Amazonas Basin.

Kristian Johansen, CEO at TGS commented, "We're pleased to announce the Foz do

Amazonas 3D Phase II project with our partner CGG. For TGS, this project further

strengthens our data library position in the Equatorial Margin and will be

instrumental in enabling exploration companies to have a robust subsurface

understanding in advance of future Permanent Offer rounds."

Sophie Zurquiyah, CEO at CGG, said: "With our established leadership in

geoscience solutions and unmatched experience in the Equatorial Margin, spanning

Guyana, Suriname and Brazil, our geoscientists will apply their deep regional

insight and cutting-edge imaging technologies such as time-lag FWI and least-

squares migration to provide the high-resolution, high-fidelity data and images

necessary to better understand this frontier basin."

Early-out PSDM products will be available in Q4 2023, with final products

available from Q3 2024.

The 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)