Presented by: Peter Wang, Geophysical Technical Advisor; Jay Hollingsworth, CTO Energistics
Featured Domain: Data Management and Interoperability
Featured Product: Paradigm® 17
EMGS: Reports Q2-17 results
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 10.6 million in the second quarter 2017, down from USD 15.1 million in the second quarter 2016 and up from USD 3.9 million in the first quarter 2017. Contract sales totalled USD 0.5 million, while multi-client sales amounted to USD 10.1 million. The Company has reduced its quarterly cost base, consisting of all operational costs including multi-client investments, from USD 15.8 million in the second quarter last year to USD 9.2 million this quarter. The Company recorded EBITDA of USD 4.5 million, up from USD 2.8 million in the second quarter 2016. Free cash decreased with USD 0.9 million from the previous quarter.
During the quarter, the Atlantic Guardian has acquired data on prefunded multi-client surveys in the Barents Sea, while the BOA Thalassa has been off-hire.
PGS: Q2-17 & H1-17 Results
Highlights Q2 2017
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Revenues of $240.5 million, compared to $183.0 million in Q2 2016
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EBITDA of $112.5 million, compared to $68.8 million in Q2 2016
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EBIT, excluding impairments and other charges, a loss of $8.7 million, compared to a loss of $36.2 million in Q2 2016
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MultiClient pre-funding revenues of $50.2 million with a corresponding pre-funding level of 115%, compared to $47.2 million and 113% in Q2 2016
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MultiClient late sales of $77.4 million, compared to $46.0 million in Q2 2016
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Cash flow from operations of $49.4 million, compared to $42.4 million in Q2 2016, with higher working capital from revenue increase in the second half of Q2 expected to benefit Q3
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Liquidity reserve of $228.3 million, compared to $273.8 million in Q1 2017 and $429.7 million in Q2 2016
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Initiated capacity adjustment and other cost initiatives with estimated $50-60 million annual run rate cash cost saving from Q4
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Commenced large MultiClient campaigns offshore East Canada with solid pre-funding
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The Board of Directors is working according to the planned timeline for appointment of a new CEO. Announcement is expected early autumn
ION Geo: ION imaging supported Talos’ historic Zama-1 Mexico discovery
ION Geophysical Corporation (NYSE: IO) today announced that its imaging services supported the historic Zama-1 discovery offshore Mexico made by Talos Energy, LLC (Talos) and their partners. Zama-1 is the first offshore exploration well drilled by the private sector in Mexico’s history and is estimated to hold 1.4 to 2.0 billion barrels of oil in place.
ION closely collaborated with Talos to reprocess and reimage data over all their blocks offshore Mexico. The Gulf of Mexico is one of the most complex oil and gas provinces and requires advanced techniques to truly understand the challenging subsurface. The combination of ION’s extensive imaging experience in the Gulf of Mexico and proprietary processing technologies cost-effectively maximized data quality, delivering high resolution images that improved and de-risked prospect identification for the consortium.
EMGS: Q2-17 Results today
EMGS will present its result for the second quarter 2017 on Thursday 27 July.
Link to Webcast of the presentation of the second quarter 2017 results
PGS: Quarterly Results and Conference Call
PGS will release its second quarter 2017 results on Thursday, July 27, 2017 at approximately 8:00 am Central European Summer Time (CEST).
A presentation is scheduled the same day at 9 am CEST at PGS’ headquarters at Lilleakerveien 4C, Oslo, Norway. A conference call of the event is scheduled simultaneously – dial in to listen to the presentation
How to access the Q1 conference calls
Seis News: Top 10 – 27 July 2017
Egypt: Petroleum Minister displays achievements in youth conference
The state has been working on turning Egypt into a regional centre for energy trade and circulation making benefit of its distinguished geographical location, Minister of Petroleum Tarek El Mola said in National Youth Conference on Monday in Alexandria.
That is why the ministry has been focusing on infrastructure development such as in Sumed line extending from Ain Sokhna till Alexandria, warehouses, maritime ports, and refineries to be finished by 2030.
Mola announced that 33 percent of households with natural gas had the service introduced throughout the last three years, and that the shortage in butane gas cylinders has been terminated.
The minister declared that throughout the same period the ministry reduced its debts to foreign oil and gas companies has been reduced from $6.3 billion to $2.3 billion, and signed 76 agreements with petroleum companies.
The most well known among these is one signed with Eni which has led to the discovery of the largest natural gas field in the Mediterranean in 2015.
Fugro: Safe Connect
Fugro, Uncle SAM (Safety Always Matters) does it again, a follow on from the Impact system from a few years ago a new method of allowing authorised employees, clients, contractors and visitors to input safety reports.
Safe connect allows those with approved access to input unsafe act, unsafe condition, safe act and suggestions, and all done from your own device.
However it is not available in all languages or all Fugro operated in countries, yet.
Well done SAM.
WesternGeco: Eco Atlantic commences 3D survey on Orinduik Block
Eco (Atlantic) Oil and Gas has confirmed that Eco Atlantic and its Operating Partner Tullow Oil have commenced a 2,550 km2 seismic survey on the Company’s Orinduik Block offshore the Co-operative Republic of Guyana.
The survey is being conducted by Schlumberger Guyana Inc. (Western Geco) using R/V GECO Eagle and two supporting vessels, and is expected to be completed within 50 days following which the results will be interpreted before an announcement is published.
Colin Kinley, Chief Operating Officer and co-founder of Eco Atlantic commented: “As previously announced and planned, we are excited to commence this significant 3D survey, which is substantially greater than the committed survey. In addition to further defining and de-risking the existing leads, the survey will hopefully better define potential drilling targets and determine the scale of the resource on the Orinduik Block. We look forward to processing the data and beginning to understand results in the fourth quarter of this year.” Link
Orinduik Block
The United States Geological Survey ranks the Guyana-Suriname basin as the world’s second-most prospective, underexplored offshore basin, with an estimated 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas yet to be discovered.
It is in this basin that Eco Atlantic holds a 40% working interest in a significant licence, which is just 6.5 km from ExxonMobil’s world class Liza oil discovery.
ExxonMobil and Hess recently confirmed that the deep-water Liza Field is officially the largest commercial find in South America in 50 years and holds an estimated 1 billion to 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. The Liza Field is adjacent to Eco Atlantic’s Orinduik Block.
Licence Overview – Orinduik Block
In January 2016, Eco Atlantic signed a Petroleum Agreement and is party to an Offshore Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block offshore Guyana. The 1800 km² Orinduik block is situated in shallow water, 170 km offshore Guyana in the Suriname Guyana basin, and is located 6.5 km from the recent Exxon Mobil Liza discoveries.
Eco has a 40% working interest and Tullow Oil has a 60% working interest. Tullow Oil will be the operator and will pay Eco Atlantic US$0.4m and fully carry Eco Atlantic for approximately C$3m of the 2D and 3D survey for an initial 4 years work commitment. Details of the work programme are in the table below.
