SPOT THE DIFFERENCE.
How EM data improves your exploration decision-making SEG 2014 Denver
To make EM an integral part of the E&P workflow
Our vision is to make EM as fully adopted as seismic – to be used as a complementary technology.
By providing EM data integrated with other subsurface measurements we enable our customers to increase success in their exploration and development programs.
Electromagnetics in the E&P workflow
Probability of Economic Success & Volumetrics
Highlights YTD 2014
Contracts/ Customers
- Multiple contracts with new and existing customers in Norway
- New customer in Morocco in February
- New contract for Petrobras
- Recently announced contract with IOC in Malaysia
Multi-client projects
- First phase of 3D EM multi-client survey in US Gulf of Mexico completed
- Commenced joint 3D EM multi-client project in Barents Sea with TGS
- Commenced multi-client project offshore Canada
- Partner agreements with ANCAP in Uruguay and Nalcor Energy in Canada
Financial highlights
- Revenues of USD 104 million 1H
- EBITDA of USD 31 million 1H
Stable and flexible financial position
• Cash at USD 40.0 million at 30.6
Mexico update
Opening of the Mexican continental shelf
- CNH to manage annual licensing rounds
- Pemex granted 83% of proven and probable reserves in round zero
- Round 1 expected to include major deep-water areas
Status on USD 100 million Pemex contract
- Est. USD 19 million in backlog at 30 September
- Possible extensions of 2 x USD 25 million
Multi-client project in The US Gulf of Mexico
Daybreak project
- EMGS' first major MC project in the US
- 2014 program extended, covering approximately 156 blocks and 3,600 km2
- Access to 2D seismic from TGS
US Gulf of Mexico important basin
- Exposure to a wide range of companies
- Large future potential
East Canada Multi-Client Program
- Acquisition commenced on 25 July
- Expect approximately 3 months, ~4,000 km2 in 2014 and 13,500 km2 in total
- Calibrate survey to Flemish Pass Basin where recent major oil discoveries have been made by Statoil
- First licencing round expected mid-2015
- Soliciting additional partners for the program
Barents sea – what if ..........
Exploration in the Barents Sea
PL537 – Wisting & Hanssen
3D Broadband inversion – Hoopalong prospect
Open acreage 23rd round – Jurassic
3D seismic time slice in area around Wisting
Arbitrary seismic profile from Wisting and the surrounding area
Foz do Amazonas Overview 3D CSEM and Spectrum 2D Seismic Data
Source of EM anomalies – fluids or lithology?
Regional prospectivity
Questions?