Electromagnetic Geoservices ASA (EMGS) has signed a data licensing agreement worth USD 6.4 million for the provision of 3D controlled-source electromagnetic (CSEM) and magnetotelluric (MT) data from EMGS's multi-client data library in the Norwegian Sea. These revenues will be recognised in the second quarter of 2013. Following this transaction, EMGS has in total secured close to USD 15 million of multi-client sales from the basalt mapping programme in the West of Shetland area and Production Licenses 598 and 527 in the Norwegian Sea.
In addition, EMGS has secured initial pre-funding for the first phase of its 2013 Barents Sea multi-client survey programme which covers approximately 3000 km2 of 3D EM data over the western Bjarmeland platform and Fingerdjupet sub-basin. EMGS's 3D EM multi-client data library in the Barents Sea will upon completion of this survey cover approximately 27,000 km2. The company expects that the vessel Atlantic Guardian will complete phase one of the 2013 Barents Sea multi-client survey programme by the end of June.
Contact
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
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 and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.