EMGS : EMGS and TGS join forces in the Barents Sea
Electromagnetic Geoservices ASA (EMGS) and TGS have signed an agreement to
jointly invest in a 3D electromagnetic (EM) multi-client survey programme
covering 11 blocks, or approximately 3300 km^2, in the Hoop area of the
The 3D EM data, which is currently being acquired by EMGS's vessel Atlantic
Guardian, will be sold by both EMGS and TGS. The two companies will split
revenues according to their respective investments.
Under the terms of the previously announced collaboration agreement, EMGS will
be given access to TGS's 2D seismic data for survey planning and integration
purposes, while TGS will obtain access to 3D EM data to evaluate and plan
subsequent multi-client work over the area.
"EMGS and TGS recently entered into a cooperation agreement and we are pleased
to now join forces in the Barents Sea," said Roar Bekker, CEO of EMGS. "Both
companies have a strong track record in this area and several case studies
have shown the value of integrating EM and seismic data to reduce exploration
risk and identify new hydrocarbon prospects. This provides a great starting
point for the joint project in the Hoop area."
Vessel schedule for Atlantic Guardian
During the first quarter earnings release, the Company indicated that the
Atlantic Guardian would perform a USD-5-million survey on the Norwegian
continental shelf in June. EMGS now expects that this survey will be included
in the vessel schedule for the second half of 2013, subject to vessel
availability. The Atlantic Guardian will acquire multi-client data in the
Barents Sea for the remainder of the second quarter and into the third quarter
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
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 integration of EM data with seismic and other geophysical and
geological information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration efficiency, and
reduces risks and the finding costs per barrel.
EMGS has conducted more than 700 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: EMGS via Thomson Reuters ONE
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