Compagnie Generale de Geophysique : CGG Signs Exclusive Rights for Multi-Client Program Offshore Libya
14 Abril 2004 - 3:30AM
PR Newswire (US)
Compagnie Generale de Geophysique : CGG Signs Exclusive Rights for
Multi-Client Program Offshore Libya PARIS, April 14
/PRNewswire-FirstCall/ -- Compagnie Generale de Geophysique (ISIN:
FR0000120164; NYSE:GGY) announced today that it has been awarded,
in co-operation with NAGECO (North African Geophysical Co.), the
exclusive rights by NOC (National Oil Company) to perform a
speculative multi-client program over the entire Libyan Offshore.
The contract was signed between the parties in Tripoli on 7th April
2004. CGG expects to commence operations within the second quarter
of 2004 with a regional 2D seismic, gravimetric and magnetic data
acquisition program of 38,000 line kilometers over all licensed and
open acreage. It is envisaged that this first phase of operations
will take around 12 months. The data will be processed in a CGG's
processing center. Very little data has been acquired in the Libyan
offshore in the last twenty years and much of the existing data is
of a significantly older vintage. This new dataset is the first
regional program in the Libyan Offshore and is the first modern
dataset to extend information on the existing shelf areas and to
explore the potential for prospectivity in deeper water basins.
Subject to the success of this dataset, CGG will investigate the
potential for extensive 3D non-exclusive coverage. The information
included herein contains certain forward-looking statements within
the meaning of Section 27A of the securities act of 1933 and
section 21E of the Securities Exchange Act of 1934. These
forward-looking statements reflect numerous assumptions and involve
a number of risks and uncertainties as disclosed by the Company
from time to time in its filings with the Securities and Exchange
Commission. Actual results may vary materially. The Compagnie
Generale de Geophysique group is a global participant in the
oilfield services industry, providing a wide range of seismic data
acquisition, processing and geoscience services and software to
clients in the oil and gas exploration and production business. It
is also a global manufacturer of geophysical equipment.
http://www.cgg.com/ DATASOURCE: Compagnie Generale de Geophysique
(CGG) CONTACT: For further information, please contact: Christophe
BARNINI: +33-1-64-47-38-10 () Rollin DELZER: +33-1-64-47-33-12 ()
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