Electromagnetic Geoservices ASA (EMGS) reports that, on the basis of the new production licences awarded to its customers in the 21st Licensing Round on the Norwegian Continental Shelf, it expects to realise uplift revenues of USD 5.4 million from the Barents Sea multi-client 3D EM campaign in 2010. These revenues will be recognised in the second quarter of 2011.

"Today's announcement highlights the success of our multi-client campaign in this exciting frontier region," said Roar Bekker, EMGS chief executive officer. "Furthermore, the recent Skrugard discovery signifies a step change for exploration in the Barents Sea. This strengthens the value of our extensive Barents Sea data library, which covers more than 16,000 km2 of 3D EM data."

Tags: EMGS