With its share-price falling all year until freefall in November, pioneering survey outfit EMGS told analysts in Trondheim Wednesday that its end-users were nearly all repeat customers, electromagnetic seabed logging was still largely unknown.

Company chief exec Terje Eidesmo said 30 percent more “contracts, negotiations and tenders” were engaged than a year ago, and the company’s market share has tripled.

Oil companies continue to let seismic map structures before having EMGS find hydrocarbons.

Blocking numbers of repeat customers were oil company staffs still too unfamiliar with electromagnetic imagery to integrate it into their search for drill targets. The knowledge gap has prolonged the company’s “commercialization stage” preventing its “establishment”.

ws@scandoil.com

Tags: EMGS