EMGS Snags $10MM Electromagnetic Survey Contract

Electromagnetic Geoservices ASA (EMGS) has been awarded a contract with a new customer to perform its Clearplay Evaluate service to appraise a hydrocarbon prospect. The contract, which will be formally executed during the next days, is worth approximately US $10 million. The electromagnetic (EM) survey will commence in September.

EMGS has also been awarded several smaller contracts worth in total US $10 million by customers in Norway. A majority of these stem from a satisfying initiation of the Late Sales phase of the Barents Sea multi-client 3D EM project.

Terje Eidesmo, EMGS CEO, commented, "We are pleased that so many companies are seeing the value of our
multi-client services at this early stage in the Late Sales process. It is also great news that yet another large independent oil company will be using our game-changing technology to improve its hydrocarbon exploration performance and efficiency. This provides further evidence that EMGS is the undisputed EM market leader."

The Clearplay Evaluate data will be acquired using densely sampled, wide-azimuth 3D EM grids. The service, which integrates 3D seismic and other information, will improve the estimation of hydrocarbon volume and distribution.

"EM data from our Clearplay Evaluate service can reduce the number of appraisal wells drilled, thereby producing substantial cost savings for operators. The service significantly improves the speed and accuracy of prospect appraisal and enables the operator to establish, with greater certainty, whether the prospect contains commercially viable reserves," continued Eidesmo.

Related Companies
 Company: Electromagnetic Geoservices ASA (emgs)more info
 - EMGS Confirms Further Staff Cuts (Oct 17)
 - EMGS Confirms Staff Cuts (Apr 14)
 - Norwegian Oil, Gas Survey Firms Report Declining Revenues (Jan 7)

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