Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into prefunding agreements related to 3D CSEM data surveys in the Barents Sea and Norwegian Sea in Norway using the conventional technology and the new Deep Blue source. The agreements represent revenues of approximately USD 3 million. The data will be acquired during the 2017 summer season.
The Company is also pleased to announce that the original JIP agreement has been amended wherein the Deep Blue source is now available to the industry. The Deep Blue source provides a significantly higher output when compared to the conventional system.
"After the successful JIP test surveys during the summer of 2016, we are very pleased to see the first commercial uptake of the new equipment. Providing the industry with a much stronger source output is a breakthrough for EMGS and our EM technology as we will be more sensitive to deeper targets and smaller targets close to infrastructure", says Christiaan Vermeijden, CEO.
Contact
Hege Veiseth, CFO, +47 992 16 743
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 offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The Company is also pleased to announce that the original JIP agreement has been amended wherein the Deep Blue source is now available to the industry. The Deep Blue source provides a significantly higher output when compared to the conventional system.
"After the successful JIP test surveys during the summer of 2016, we are very pleased to see the first commercial uptake of the new equipment. Providing the industry with a much stronger source output is a breakthrough for EMGS and our EM technology as we will be more sensitive to deeper targets and smaller targets close to infrastructure", says Christiaan Vermeijden, CEO.
Contact
Hege Veiseth, CFO, +47 992 16 743
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 offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.