EMGS - agreement with Nalcor Energy for 3D multi-client EM survey

EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign.

The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made.  The survey will collect 4,000 km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas. Integrated data delivery will be available in early 2015. This survey is supported by industry pre-funding.

"We are very pleased to have Nalcor Energy invest in this important project for Newfoundland and Labrador. Working closely with Nalcor in this large region presents a tremendous opportunity for clients and service providers alike," stated Roar Bekker, CEO of EMGS.

Richard Wright, Manager Exploration of Nalcor Energy, added: "The offshore basins of Newfoundland and Labrador are relatively underexplored, particularly in the slope and deepwater. Investing in this calibrated, 3D EM survey with EMGS will provide the global industry with a new tool to identify and de-risk new leads, and high- grade existing prospects in this frontier area."