PGS Commences MultiClient 3D Survey to Unlock Hydrocarbon and Carbon Storage Potential in Penyu Basin, Offshore Peninsular Malaysia

April 3, 2024, Oslo, Norway: PGS, a fully integrated marine geophysical company, together with its joint venture consortium partners, TGS and SLB have successfully commenced a MultiClient 3D seismic project located in the Penyu Basin, offshore Peninsular Malaysia.

The Ramform Sovereign vessel was mobilized to the acquisition area in March 2024 and the area coverage is approximately 7,800 square kilometers. Acquisition completion is anticipated in July 2024, and processing completion is projected for June 2025.

In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage potential across Penyu Basin area. The acquisition of this new seismic data will enable clients to effectively conduct evaluation on the exploration and carbon storage potential for the upcoming Malaysia Bid Round.

"We are very pleased on the commencement of the Penyu basin MultiClient 3D seismic program together with our JV partners, extending the acquisition campaign for the Ramform Sovereign into the second half of the year. This survey marks a change in how clients use newly acquired MultiClient seismic data. In addition to the traditional oil and gas exploration activities, this data will be used to facilitate assessment of Carbon Capture and Storage (CCS) potential. By acquiring MultiClient seismic data with our Ramform vessels and GeoStreamer technology we will provide high quality regional scale seismic data that will improve regional understanding of the subsurface,” says Rune Olav Pedersen, President & CEO in PGS.

“The Penyu Basin is one of Southeast Asia’s most exciting yet underexplored frontier exploration hotspots, with the potential of uncovering new exploration plays and CCS opportunities. We are pleased to be able to collaborate with MPM and our JV partners to spearhead exploration in this region through a state-of the-art GeoStreamer MultiClient 3D acquisition program. We continue to increase our footprint across Malaysia as it develops into a key part of our MultiClient seismic data library, and together with our partners, we look forward to delivering high-quality seismic data across Malaysia and the Penyu Basin,” says Kristian Johansen, CEO in TGS.

^{_{This project was not included in the PGS Q4 2023 order book of $366 million, but it was included in the booked positions as of mid-February. PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of 2 months or more and strategically important contracts.}}

FOR DETAILS, CONTACT:

Bård Stenberg, VP IR & Corporate Communication Mobile: +47 99 24 52 35

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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 MultiClient 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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