EMGS: MC revenues related to the APA 2017 awards
On 16 January 2018, the Norwegian Ministry of Petroleum and Energy (the “MPE”) announced the awards of new production licenses through the Awards in Pre-defined Areas (APA 2017) licensing round.
Based on the offered awards, Electromagnetic Geoservices ASA (the “Company” or “EMGS”), expects to realise net uplift revenues of approximately USD 1 million from data-licensing agreements related to the Company’s multi-client library.
The uplift revenues, which are subject to the Company’s customers’ formal approval of the awards offered by the MPE, will be recognised in the first quarter of 2018.