EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 km2 in a multi-season campaign.
The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made. The survey will collect 4,000km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas. Integrated data delivery will be available in early 2015. This survey is supported by industry pre-funding.
"We are very pleased to have Nalcor Energy invest in this important project for Newfoundland and Labrador. Working closely with Nalcor in this large region presents a tremendous opportunity for clients and service providers alike," stated Roar Bekker, CEO of EMGS.
Richard Wright, Manager Exploration of Nalcor Energy, added "The offshore basins of Newfoundland and Labrador are relatively underexplored, particularly in the slope and deepwater. Investing in this calibrated 3D EM survey with EMGS will provide the global industry with a new tool to identify and de-risk new leads and high- grade existing prospects in this frontier area.
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 Nalcor Energy
Nalcor Energy is Newfoundland and Labrador's Provincial Crown Energy Company. Nalcor Energy's business includes the development, generation, transmission and sale of electricity; the exploration, development, production and sale of oil and gas: industrial fabrication and energy marketing. Focused on sustainable growth, the company is leading the development of the province's energy resources and has a corporate-wide framework which facilitates the prudent management of its assets while continuing an unwavering focus on the safety of its workers and the public. Nalcor has a staff of 1400 in five lines of business. Newfoundland and Labrador Hydro, Churchill Falls, Oil and Gas, Lower Churchill Project and Bull Arm Fabrication.
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