EMGS in Barents sales

17 December 2014, NewsWires – Electromagnetic Geoservices (EMGS) has struck a data licensing agreements for sales from its multi-client library in the Barents Sea off Norway.

The Oslo-listed electromagnetic survey player said it would notch up late sales of 3D data worth $7.1 million in its fourth-quarter results as a result of the deal with an unnamed oil company, with the data to be delivered this month.

BarentsSea. seismicChief executive Roar Bekker said the sale indicated “increased recognition” from the industry of the importance of EM data for exploration in the frontier Arctic region.

In a further licensing deal, EMGS will sell Barents multi-client data worth $3.3 million to another undisclosed client, of which it will net $1.7 million.

In addition, the company stated it has struck smaller deals worth a combined $2.4 million, giving it net proceeds of $1.8 million.

The government is expected to launch shortly its 23rd licensing round offering blocks in the newly opened south-east Barents that is set to generate strong interest from explorers.

EMGS has a multi-client database covering 42,000 square kilometres of the Barents, as well as 10,000 square kilometres in the Norwegian Sea and 1400 square kilometres in the North Sea.


– Upstream

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