EMGS awarded contracts worth USD 20 million

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 USD 10 million.

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 USD 10 million. The electromagnetic (EM) survey will commence in September.
 
EMGS has also been awarded several smaller contracts worth in total USD 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 chief executive officer, 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.

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