Petroleum Geo-Services (PGS)

Latest Petroleum Geo-Services (PGS) News

• Debt free, with a cash position of US$129.0 million at 31 December 2011 prior to additional farm-in
• Set to be an operational year for Chariot - spudding of Tapir South expected early April 2012

• Strong Q4 MultiClient late sales revenues offset the weak utilization and productivity for marine contract work in the quarter.

• Licence contains a six block tranche (Licence Option 11/10) in the Porcupine basin.

• PGS, BP, Total and Statoil have committed to funding the survey.
• PGS, in association with Sonangol, has a long history of investing in its latest technology in Angola.

• Oslo, Norway, Petroleum Geo-Services ASA routinely releases information about 3D vessel utilization around the end of each quarter.

• Chariot Oil & Gas Limited commences the 3D seismic acquisition programme in its Central Blocks in conjunction with Petroleum Geo-Services.
• The Central Blocks - Licence 19, blocks 2312 A & B and Northern halves of 2412 A & B - are located within the Luderitz and Walvis Basins and cover an area of 16,801km².
• n keeping with Chariot's aggressive exploration programme, this 3D seismic survey will significantly exceed the minimum work and expenditure requirements of the terms of the First Renewal Phase as announced on 28 June 2011

• The PGS Crystal III Wide Azimuth multiClient survey is available now, in time for the highly anticipated Lease Sale 218 in the Western Gulf of Mexico on December 14, 2011
• The Wilcox Trend is the most active exploration play in the deepwater Gulf of Mexico, with significant discoveries to the south of Crystal III in Alaminos Canyon and to the east in Keathley Canyon and in Walker

• Petroleum Geo Services ASA to acquire 10% interest in Central Blocks (Licence 19, covering Blocks 2312 A & B and Northern halves of 2412 A & B) offshore Namibia
• PGS agree to fund 50% of the 2,500km2 3D seismic programme
• Chariot will retain a 90% equity ownership of the licence following completion of the farm-out
• Farm-out releases funds earmarked for 3D seismic acquisition in the Central Blocks for other exploration and appraisal activities

• Lochard's subsidiary Zeus Petroleum signs farm-out agreement with Petroleum Geo Services
• Zeus to acquire 40% stake in six North Sea blocks
• Petroleum Geo-Services to have access to 3D seismic data and engineering expertise

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