CGGVeritas Returns To Algeria With Land Seismic Award
CGGVeritas (Paris:GA) (NYSE:CGV) announced today that it is set to
resume land seismic acquisition operations in Algeria after the award of
a 3D Vibroseis survey by Groupement Timimoun...
Regulatory News: CGGVeritas (Paris:GA) (NYSE:CGV) announced today that it is set to resume land seismic acquisition operations in Algeria after the award of a 3D Vibroseis survey by Groupement Timimoun (GTIM), a joint venture between Sonatrach, Total EP Algérie and CEPSA. This award has been the result of an Open Call for Tender process. This survey, covering a total surface area of 2,240 km 2 over the Timimoun block in the South of Algeria, has been commissioned as the first phase in the Timimoun unconventional gas field development plan. The CGGVeritas high-channel-count crew deployed for this project will use two high-end proprietary acquisition technologies, high-productivity vibroseis acquisition (HPVA TM) and EmphaSeis TM broadband vibroseis, to acquire the high-density, broadband dataset required for detailed reservoir characterization. Recorded in a timeframe comparable to that of conventional data, the dataset will also be processed in the field with a fast turnaround to ensure the results are delivered in time to determine the field’s preliminary drilling plan. Jean-Georges Malcor, CEO, CGGVeritas, said: "This award marks the welcome return of a CGGVeritas land crew to Algeria after 15 years of absence. We are seeing growing recognition among oil companies operating in Algeria of the crucial role played by high-end seismic in the development and exploitation of oil and gas fields.” About CGGVeritas CGGVeritas ( www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry. CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
CGG Veritas (NYSE:CGV) hit a new 52-week low Monday as it is currently trading at $16.76, below its previous 52-week low of $17.44 with 16,874 shares traded as of 9:38 a.m. ET. Average volume has been 170,700 shares over the past 30 days.