Comp Gen Geophys (NYSE:GGY)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Comp Gen Geophys Charts. Click Here for more Comp Gen Geophys Charts.](/p.php?pid=staticchart&s=NY%5EGGY&p=8&t=15)
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 ()