Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that it has been awarded a contract from Nabirm Global LLC (“Nabirm”) for a proprietary 3D CSEM survey over Block 2113A, Petroleum Exploration License (PEL 0058) in the Walvis Basin offshore Namibia. The contract value is in excess of USD 1 million.
Under the contract, EMGS will also provide processing, inversion and interpretation services to Nabirm post acquisition.
Subject to, amongst other things, vessel availability, acquisition is projected to take place in Q1/Q2 2020, with a backstop date (automatic termination in the event if no vessel availability) of May 2020.
CEO of EMGS, Bjørn Petter Lindhom comments:
“We are very pleased with the award of this vessel of opportunity contract from Nabirm, which further strengthens our belief that we are well placed to deliver significant value to customers operating offshore Africa, and that the importance of the African market will increase going forward.We are working on developing a 2020 multi-client campaign offshore Namibia, which will allow us to deploy a vessel to the region.”
CEO of Nabirm, Olayinka Arowolo comments:
“We are pleased to be working with EMGS on this project; it is a significant opportunity for all our stakeholders as this will be the first survey of its kind in the region. We believe that EMGS’s proprietary technology will help us de-risk our prospects significantly. Risk Based Solutions Namibia will assist with obtaining the required Environmental Clearance Certificate prior to the acquisition.”
Hege Veiseth, CFO, +47 99 21 67 43