On 18 May 2016, The Ministry of Petroleum and Energy announced the offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf to a total of thirteen (13) companies. All ten licenses are in the Barents Sea, of which three licenses are in the new area in the southeastern Barents Sea.
Based on these awards, Electromagnetic Geoservices ASA (EMGS) expects to realize uplift revenues, net after adjustment for partnerís share of revenues, of approximately USD 9.5 million from data-licensing agreements related to the Company's multi-client library in the Barents Sea.
The uplift revenues, which will be recognized in the second quarter 2016 are subject to EMGS customers' formal approval of the awards offered by the Ministry of Petroleum and Energy.
"We are very pleased with the results of the 23rd licensing round and, in addition to the uplift revenues, we see significant late sales potential owing to our extensive and well-positioned data library in the Barents Sea," says Christiaan Vermeijden, CEO of EMGS.