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March 2, 2020

Electromagnetic Geoservices receives funding interest for multi-client campaign

Norwegian survey company Electromagnetic Geoservices (EMGS) has received a letter of intent from an undisclosed customer for multi-client pre-funding in Namibia.

By Himaja Ganta

An undisclosed customer intends to pre-fund survey company Electromagnetic Geoservices (EMGS) for a multi-client campaign in Namibia.

A joint venture block consortium, operating offshore Namibia, sent a letter of intent (LoI) to the Norway-based company. In a statment, the company valued the letter as being worth “a minimum value of $3.6 million”.

Under the terms of the LoI, the customer will pre-fund a multi-client controlled source electromagnetic (CSEM) data acquisition mission in the Walvis Basin. This will use EMGS’s deep-towed source DeepBlue, developed under a joint industry project involving Shell and Equinor.

EMGS will also provide data processing and integrated interpretation services.

CEO Bjørn Petter Lindhom said: “Securing this additional commitment in Namibia enables EMGS to convert an existing acquisition contract in Block 2113A, announced by EMGS in August 2019 with Nabirm Global, from a vessel of opportunity with backstop, to a firm survey commitment in 2020.

“We continue to engage with customers with a view to further expand the planned data coverage to provide a first-class CSEM dataset extending between the Walvis & Orange Basins, where several high impact, deep-water exploration wells are planned in 2020.”

The consortium will decide the survey type and license fee within the first quarter of this year, using the vessel Atlantic Guardian.

EMGS will begin data gathering between 1 May and 1 August this year, subject to the signing of the final contract and regulatory permitting.

In June 2017, EMGS increased its investment in Sonardyne International’s Ranger 2 Gyro-iUSBL technology that can detect the presence of hydrocarbons in deepwater.

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