EMGS announces multi-client revenues related to 24th license round awards
OSLO -- The Norwegian Ministry of Petroleum and Energy (MPE) has announced the awards of new production licenses in the 24th licensing round on the Norwegian continental shelf.
Based on the offered awards, Electromagnetic Geoservices ASA, expects to realize net uplift revenues of approximately $6.7 million from data-licensing agreements related to the Company's multi-client library.
The uplift revenues, which are subject to the Company's customers formal approval of the awards offered by the MPE, will be recognized in the second-quarter 2018.
"We are very pleased with the results of the 24th licensing round. A considerable number of the awarded licenses have CSEM as a work commitment, which underscores the value and mature position of CSEM in the exploration workflow," said Christiaan Vermeijden, CEO of EMGS.
