Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
EMGS (OSL:EMGS) Electromagnetic Geoservices ASA (EMGS) 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 USD 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."
About EMGS EMGS is the market leader in electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialization of seabed logging, a proven exploration method that uses EM energy to help oil companies in their search for hydrocarbons. EMGS provides a full suite of services, including data planning, acquisition, imaging and interpretation. The company's integration systems enable seamless integration of EM data with seismic and other geophysical and geological information, giving explorationists a clearer and more complete understanding of the subsurface. This proprietary and patented technology has been developed over the past 10 years bringing dramatic improvement to exploration decision-making in frontier and mature provinces.
EMGS operates the world's largest EM vessel fleet and has conducted more than 350 surveys for many of the world's leading energy companies. The company's main offices are in Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology. For general enquiries please email findinghydrocarbons@emgs.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
