Electromagnetic Geoservices ASA (EMGS) has signed a data licensing agreement worth around USD 1.2 million for the provision of 3D EM data from EMGS's multi-client data library in the Barents Sea.

In addition, the agreement contains an uplift model whereby EMGS will receive an undisclosed sum if the customer is awarded blocks in future licensing rounds in Norway. The sales will be recognised in the fourth quarter.

EMGS's data library in the Barents Sea covers more than 30,000 km2, including approximately 110 blocks of which 57 are open blocks.

Tags: Electromagnetic Geoservices ASA (EMGS)