EMGS : EMGS - previously announced major contract signed with PEMEX
Reference is made to the stock exchange release dated 27 June 2013 and titled
"EMGS awarded major 3D EM contract". Electromagnetic Geoservices ASA (EMGS)
has today signed a contract worth USD 99.8 million with PEMEX, one of the
world's largest national oil companies.
"PEMEX has truly realised and taken full advantage of the game-changing
potential of 3D EM, and has become one of the world's most advanced users of
our technology," says Roar Bekker, CEO of EMGS.
PEMEX embraced 3D EM technology following an extensive exploration programme
in the last several years, which covered an extensive area of 3D EM data over
various drilling prospects in the Gulf of Mexico. This campaign confirmed EM's
ability to improve prospect evaluation at a portfolio scale.
PEMEX said: "We have over the last few years reinvigorated our exploration
organisation and embraced technologies that give us an advantage. This has
resulted in a boost in our reserve replacement ratio and 3D EM data has been
an important part of our recent exploration success."
As previously communicated, it is expected that 3D electromagnetic (EM) data
acquisition will start in early September 2013, following mobilisation of the
vessel BOA Galatea in the second half of August.
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
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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information contained therein.
Source: EMGS via Thomson Reuters ONE
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