TGS ASA

Regulatory Filings • Apr 3, 2024

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

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 (http://www.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 (mailto:investor@tgs.com)