TGS is reprocessing the Kyranis 3D survey offshore Timor-Leste and Australia.
TGS is reprocessing the Kyranis 3D survey offshore Timor-Leste and Australia.
The 9024 km2 multi-client survey will provide 3D broadband PSDM imaging for the first time in an area that has recently reopened for exploration after the ratification of the Maritime Boundary Treaty. The survey area includes blocks that are currently being offered in licensing rounds.
‘TGS anticipates significant uplift in quality beyond the original PSTM data which was acquired in 2012. Utilization of modern imaging techniques, including FWI, will enable a significantly enhanced evaluation of the prospectivity of the area,’ said a company statement. ‘The application of broadband PSDM will facilitate better penetration and the removal of ghost signals for more accurate wavelet construction, improved coherent noise suppression and more precise velocity modelling.’
Fast-track data are expected in Q4 2021 with final data due Q2 2022.
Meanwhile, TGS is expecting first quarter 2021 revenues of $186 million, up from $52 million in Q1 2020. Net segment revenues are expected to be approximately $75 million, compared with $152 million in Q1 2020.
Kristian Johansen, CEO at TGS, said: ‘As expected the challenging market conditions continued in Q1 2021. However, we remain cautiously optimistic for the remainder of the year, with the higher oil prices expected to result in higher activity level in the latter part of the year.’
‘Relatively low investments’ of $37 million have resulted in a cash balance in excess of $250 million at quarter close. Our confidence in strong cash flow continues to develop.
