EMGS customer purchases 3D EM multi-client library in Norway
(Thomson Reuters ONE) -
Electromagnetic Geoservices ASA (EMGS) has today entered into a data-licensing
agreement worth approximately USD 8 million with an oil and gas company, in
which the customer will gain access to EMGS's entire 3D EM multi-client data
library on the Norwegian Continental Shelf (NCS).
The agreement includes pre-funding of the ongoing Barents Sea multi-client
program and late-sales of previously acquired 3D EM data, excluding data
previously licensed by the customer and future EMGS multi-client projects. In
addition, the agreement contains an uplift model whereby EMGS will receive an
undisclosed sum if the customer is awarded blocks in future licensing rounds in
Norway.
"More and more customers are seeing the value of integrating 3D EM data over an
extensive area with seismic and other subsurface measurements. This portfolio
approach not only enhances geological basin understanding and reduces drilling
risk, it has also proven to generate new leads that would not have been
identified using traditional exploration tools alone," says Roar Bekker, EMGS
chief executive officer.
EMGS's data library in the Barents Sea will upon completion of this year's
program cover 22,000 km2, or 69 blocks.
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 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 600 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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EMGS via Thomson Reuters ONE
[HUG#1621637]
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Datum: 25.06.2012 - 03:30 Uhr
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