CGG and Fairfield Geotechnologies Join Forces on Large WAZ Survey in South Central Louisiana's Austin Chalk Paris Stock Exchange:CGG

(MENAFN- GlobeNewsWire - Nasdaq) itemprop="articleBody">CGG and Fairfield Geotechnologies Join Forces on Large WAZ Survey in South Central Louisiana's Austin Chalk

Houston, USA – 6 June, 2019

CGG and Fairfield Geotechnologies have signed a cooperation agreement to acquire a large-scale, multi-client survey in South Central Louisiana. The new 578-square-mile wide-azimuth survey, known as Bayou Boeuf, is designed to image the Austin Chalk play and provide a better understanding of the formations in this area which have recently regained industry interest.

The Bayou Boeuf survey provides coverage over the Avoyelles, Rapides, Evangeline and Saint Landry Parishes. Permitting is nearly complete and acquisition is expected to commence in September 2019.

Delivery of fast-track products and final results is expected for Q1 and Q3 2020 respectively. The data will be processed by CGG using an advanced AVO-compliant sequence in order to ensure the final data is reservoir-ready, paving the way for a fast-track Reservoir Characterization Package (ResPack Fast) that will deliver key elastic rock property volumes to assist in further development of the reservoir.

Joe Dryer, President – Multi-Client Geosciences, Fairfield Geotechnologies, said: 'This area has attracted attention from numerous oil and gas majors and large independents and is expected to be the anchor for additional survey growth. Both CGG and Fairfield Geotechnologies will be marketing this program.'

Dechun Lin, EVP, Multi-Client & New Ventures, CGG, said: 'The Austin Chalk is a prospective play that has been gaining interest among operators in the industry. The aim of our Bayou Boeuf survey is to provide a better understanding of the geology in the area, unlocking its potential. The combined expertise of our two companies, both of which are highly experienced at operating in challenging areas, working with the government and local communities, and delivering high-quality results, will ensure the success and industry value of this survey.'

About CGG

CGG ( www.cgg.com ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,100 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

About Fairfield Geotechnologies (Formerly FairfieldNodal)

Privately held Fairfield Geotechnologies ( www.fairfieldgeo.com ), a pioneer and global leader in ocean bottom and land nodal seismic multi-client surveys and data processing services. In addition to its extensive multi-client database in the Gulf of Mexico Shelf and Permian Basin, the company continues to expand licensing coverage in the Lower 48 through focused investment and strategic acquisition of existing multi-client libraries.

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