Carbon Transition Announces New Utsira Multi-client Late Sale
Source: www.gulfoilandgas.com 5/31/2022, Location: Europe
Carbon Transition has announced that the company has entered into a new USD 1.8 million (net to Carbon Transition) multi-client seismic data licensing contract with an undisclosed customer. Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client survey in Norway.
As previously communicated, Carbon Transition became debt free after the license sale reported 16 March 2022. With the company’s financial indebtedness fully repaid, the proceeds from this late sale will represent a net cash contribution of USD 1.8 million to Carbon Transition. Late sales from Q4 2021 through today totals USD 8.7 million.
The significant increase in oil and gas prices has further solidified the expected value of the company’s multi-client library. The oil industry’s focus on improved oil recovery and infrastructure-led exploration are going to remain key drivers and our multi-client library fits well with this trend.