Electromagnetic Geoservices ASA (EMGS) and TGS have agreed to further expand the companies' cooperation agreement in the Barents Sea. Currently, TGS has a 30% ownership in the multi-client EM data over 17 blocks in the Hoop area. The agreement will be expanded with 4 new blocks in the Hoop area and 14 blocks in the southeastern area of the Barents Sea. TGS will take a 50% ownership in the EM data over all the new 18 blocks.
"The expansion of this agreement further confirms the value of integrating 3D EM data with seismic data to reduce risk and discover more in the Barents Sea. The joint sales and marketing efforts will result in broad market exposure of our EM data," says Roar Bekker, CEO of EMGS.
The contribution from TGS related to the expansion of the agreement will be booked as a reduction of the carrying value of EMGS existing multi-client library.
EMGS will shortly commence acquisition of 3D EM data in the southeast area of the Barents Sea. The vessel Atlantic Guardian will acquire the data in the southeast area. The full survey has a planned duration of 4 months and is supported by industry funding.
Contacts
Roar Bekker, EMGS chief executive officer, +47 911 41 149
Svein Knudsen, EMGS chief financial officer, +47 911 41 149
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com