PGS : Uruguay Approves New PGS 3D MultiClient Data Acquisition

PGS has received approval from ANCAP to acquirea large 3D MultiClient survey in Uruguay.

The new3D GeoStreamer broadband seismic acquisition will enablea comprehensive assessment of the exploration potential offshore Uruguay. This milestone marks a strategic advancement in PGS' commitment to expanding its geophysical footprint in one of the world's key frontier markets. The approved survey, covering both shallow and deepwater blocks, is poised to provide the industry with the subsurface insight necessary to unlock the hydrocarbon potential within the Cretaceous and Tertiary formations. This area has been attracting a lot of interest recently driven by significant discoveries, such as Graff and Venus,in the Namibia Orange Basin,which is geologically very similarto its conjugate margin of Uruguay.

Offshore Uruguay offers extensive exploration opportunities, evidenced by the regional presence of oil seepsand slicks, gas chimneys, and bottom-simulating reflectors (BSRs), all of which indicate an active petroleum system. Many of these geological plays remain untested, presenting substantial potential for future exploration and investment.

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