Licensing awards generate multi-client uplift revenues for EMGS
Electromagnetic Geoservices ASA (EMGS) is pleased to announce that, on the basis
of the new production licences awarded to its customers in the 21st Licensing
Round on the Norwegian Continental Shelf, it expects to realise uplift revenues
of USD 5.4 million from the Barents Sea multi-client 3D EM campaign in 2010.
These revenues will be recognised in the second quarter of 2011.
"Today's announcement highlights the success of our multi-client campaign in
this exciting frontier region," said Roar Bekker, EMGS chief executive officer.
"Furthermore, the recent Skrugard discovery signifies a step change for
exploration in the Barents Sea. This strengthens the value of our extensive
Barents Sea data library, which covers more than 16,000 km(2) of 3D EM data."
Contacts
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
About EMGS
EMGS, the marine electromagnetic (EM) market leader, uses its proprietary 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 through 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 the risks and the finding costs per barrel.
EMGS has conducted more than 500 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 Stavanger, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
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Source: EMGS via Thomson Reuters ONE
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