On 18 June 2018, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses in the 24th licensing round on the Norwegian continental shelf.
Based on the offered awards, Electromagnetic Geoservices ASA (the "Company" or "EMGS"), expects to realise net uplift revenues of approximately USD 6.7 million from data-licensing agreements related to the Company's multi-client library.
The uplift revenues, which are subject to the Company's customers formal approval of the awards offered by the MPE, will be recognised in the second quarter of 2018.
"We are very pleased with the results of the 24th licensing round. A considerable number of the awarded licenses have CSEM as a work commitment which underscores the value and mature position of CSEM in the exploration workflow." says Christiaan Vermeijden, CEO of EMGS.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
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 the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com