Electromagnetic Geoservices has been awarded a contract with the independent prospect generation company FOCUS Exploration to license multi-client EM data for exploration purposes in the Gulf of Mexico. The contract is worth more than US $4.6 million, with the potential for additional work and revenues for EMGS.
Terje Eidesmo, EMGS Chief Executive, commented, "We are excited about the market growth potential in the Gulf of Mexico as this is one of the most substantial exploration areas in the world. This contract opens up great opportunities for EMGS because our technology can be used in vast areas of this region."
The work program has already been acquired using dense, wide-azimuth Clearplay Test and Clearplay Evaluate 3D grids to identify small reservoirs. Dave Ridyard, EMGS Americas President, added, "This program has shown the potential for dense grids to detect relatively small reservoirs even with the challenge of nearby salt bodies."
Mike Scherrer and Don Crider, co-founders of Focus Exploration both agree, "EMGS technology gave us a clear competitive edge at the recent Western Outer Continental Shelf lease sale, and will continue to do so in the future. The key to our business model is minimizing risk, whether it involves the larger reserve, higher cost deepwater prospects or the small to mid-size shelf prospects with more favorable proximity to infrastructure. This relationship with EMGS will certainly help with our risk reduction."
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