PGS Signs MultiClient Reprocessing Agreement in Sarawak

June 26, 2023, Oslo, Norway: PGS, together with JV consortium partners TGS and SLB have signed a MultiClient reprocessing agreement to expand MultiClient 3D coverage in the prospective Sarawak province offshore Malaysia. This will be achieved by reprocessing legacy datasets with Petronas Malaysia Petroleum Management’s (MPM) approval to complement and merge with newly acquired phases.

The reprocessing addendum enhances a multi-year contract awarded initially by Petronas in August 2020 to acquire and process up to 105,000 km² of MultiClient 3D data over a 5-year period in the Basin. The second phase of the Sarawak acquisition program is currently underway in blocks ND-3 and SK-3B and will be merged with approximately 6700 square kilometers of reprocessed data.

"The Sarawak basins comprise a proven petroleum system with many producing fields already present in the Central Luconia province. Through the addition of high quality reprocessing of legacy data on a MultiClient basis, PGS and partners will be able to high grade areas and merge with newly acquired GeoStreamer data to improve regional understanding of the petroleum systems and leads mapping in frontier blocks. This will ultimately lead to accelerated projects and renewed phases of acquisition,” says Nathan Oliver, EVP Sales & Services in PGS.

The re-processing of existing legacy seismic data on a MultiClient basis is permitted within the polygon shown below.

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PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2022. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.

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