Electromagnetic Geoservices ASA (EMGS) announced that, based on the new production licenses awarded to its customers in the 20th Licensing Round on the Norwegian Continental Shelf, the company expects to realize uplift revenues in excess of US $10 million from the Barents Sea multi-client 3D EM campaign in 2008. The uplift revenues are subject to final approval by EMGS's customers. It is expected that the revenues will be recognized in the second quarter of 2009.
Roar Bekker, EMGS acting chief executive officer, commented, "We see significant potential for additional sales from new customers that have been awarded licenses. Our multi-client library covers all the Barents Sea acreage in the licensing round, and the 3D EM data reveals valuable information related to the prospectivity of the license areas. This means operators can target their exploration resources more effectively."
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