Anglo-Suisse Acquires Gulf of Mexico Data From PGS; Anglo-Suisse to Utilize Data for Deep-Gas Exploration.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Jan. 21, 2003 Anglo-Suisse Inc. (ASI ASI, n See Anxiety Sensitivity Index. ), a Houston-based independent oil and gas exploration and production company, and Petroleum Geo-Services Petroleum Geo-Services ASA (OSE: PGS, NYSE: PGS), an oilfield service company, provides geophysical services worldwide, and floating production services in the North Sea. (NYSE NYSE See: New York Stock Exchange :PGO PGO Public Guardianship Office (UK) PGO Ponto-Geniculo Occipital (burst neurons) PGO Project on Government Oversight PGO Pass Grade Only (academics) ) announced today they have entered into an agreement for the licensing of approximately 2,300 blocks of enhanced 3-D seismic data from PGS PGS Pages PGS Petroleum Geo-Services PGS Planning Gain Supplement (UK land tax) PGS Parallel Giant Slalom (skiing and snowboarding competitions) PGS Plant Genetic Systems (Belgium) to Anglo-Suisse. The blocks are located in the Central and Western regions of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east Shelf. According to ASI president Gilles Labbe, ASI intends to use the database to generate prospects and acquire and drill leases primarily in the deep gas play of the Gulf of Mexico shelf. Under the terms of the agreement, PGS will receive an equity position in ASI following completion of private equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . PGS will also receive a royalty from ASI for commercial completions drilled using the database. "ASI believes that the deep gas shelf play is the next cycle in the continuing development of hydrocarbons in the Gulf of Mexico," said Labbe. "Given its potential for large field sizes (100-plus billion cubic feet), the existence of an infrastructure for access to markets, and the probability of natural gas prices remaining well above $3 per million cubic feet, the time is right to enter the deep-gas shelf," he added. Mark Wilkinson, president, North and South America for PGS, said, "PGS is pleased with the reputation, experience, and strategy that ASI has brought to this new Gulf of Mexico endeavor. We have confidence that ASI can utilize this large volume of data to rapidly exploit the Shelf deep-gas play." John Sherwood, ASI's chief executive officer, noted, "Our agreement with PGS gives us a leg-up on a developing play at exactly the right time. The difficulty for a new company in entering any play in the Gulf of Mexico has always been the extremely high cost of acquiring a significant data base. Given PGS' reputation and extensive reach throughout the world, we believe this relationship will be attractive to industry players," he added. Anglo-Suisse Inc. is an independent energy company which specializes in the exploration for and production of oil and natural gas in the United States and abroad. Its principals have experience developing partnerships with private and public entities internationally. |
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