Electromagnetic Geoservices ASA (EMGS) and Spectrum ASA (Spectrum) have entered into a cooperation agreement covering the Foz de Amazonas basin in Brazil.
Spectrum already has over 21,000 kilometres of multi-client 2D seismic data coverage of this highly prospective area of the equatorial margin. EMGS has been given access to this data for planning and improved imaging purposes and will soon start the acquisition of 3D resistivity data in a regional, multi-client program covering approximately 8000 km2 of the Foz de Amazonas basin. The program, which has generated broad industry interest, covers offshore blocks that have been included in the 11th licensing round.
"This is the first project of its kind and we are delighted to team up with Spectrum in this exciting frontier basin," says David Hicks, president of EMGS's multi-client business unit. "The combined data offering will add insights to reservoir location and size, and highlight new leads, thereby providing customers with a competitive advantage in their licensing and exploration strategies."
"Together, the two companies will provide the industry with a unique opportunity to use high-quality 2D seismic and 3D resistivity data at an early stage in the exploration cycle. We believe the two datasets form a powerful set of exploration tools that can reduce risk and create new opportunities," said Richie Miller, Spectrum's EVP multi-client North & South America.
Interest in the Brazilian equatorial margin is high following the Zaedyus discovery north west of the border in French Guiana; Petrobras's Pecém discovery in the Ceará basin south east of Foz de Amazonas; and analogous discoveries in the West African equatorial margin.
EMGS's vessel BOA Galatea will shortly start 3D EM data acquisition close to the border of French Guiana's territorial waters and work its way south east. Survey completion is expected in August 2013. The deliverables include seismic-constrained 3D EM inversion cubes, interpreted lead maps and probabilistic resource estimates.
For further information or questions, please contact:
EMGS
David Hicks, President EMGS multi-client business unit
E-mail: dhicks@emgs.com
Tel: +1 281 920 5601
Cell: +1 281 702 3337
David Hicks, President EMGS multi-client business unit
E-mail: dhicks@emgs.com
Tel: +1 281 920 5601
Cell: +1 281 702 3337
Chris Guldberg, Head of PR/IR
E-mail: cg@emgs.com
Tel: +47 73 56 88 10
Cell: +47 92 81 07 07
E-mail: cg@emgs.com
Tel: +47 73 56 88 10
Cell: +47 92 81 07 07
SPECTRUM
Richie Miller, EVP Multi-Client North & South America
E-mail: richie.miller@spectrumasa.com
Tel: +1 281 698 8850
E-mail: richie.miller@spectrumasa.com
Tel: +1 281 698 8850
Arne Helland, Executive Vice President Strategy and Business Development
E-mail: arne.helland@spectrumasa.com
Tel: +47 23 01 49 69
Cell: +47 91 88 78 29
E-mail: arne.helland@spectrumasa.com
Tel: +47 23 01 49 69
Cell: +47 91 88 78 29
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 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, 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 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 has conducted more than 650 surveys to improve drilling success rates across the world's mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim, Stavanger and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
About Spectrum
Spectrum provides innovative multi-client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in Norway, the UK, the USA, Brazil, China, Egypt, Australia, Indonesia and Singapore. Spectrum's multi-client strategy focuses on both the major, established hydrocarbon-producing regions of the world and key frontier areas identified by an experienced team of geoscientists. The Spectrum library of multi-client data has projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports. www.spectrumasa.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.