Seis News

 

 

ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client broadband reimaging program offshore Brazil.  Supported by industry funding, the Picanha program provides a regional 3D framework that cost-effectively delivers fresh insights into the complex Campos and Santos basins’ petroleum systems ahead of upcoming license rounds.

By using ION’s latest broadband processing and imaging technology to reprocess and reimage 100,000 sq km of data from more than 50 interconnecting public-domain 3D surveys, ION is creating a regionally-calibrated, high quality and consistently-imaged 3D data set.  The regional perspective this data set provides will enable exploration teams to better evaluate, risk and rank a portfolio of opportunities for current and future exploration needs.  The large program will be delivered in phases to provide relevant bid round knowledge as quickly as possible.  The first 12,500 sq km over Round 14 have been delivered to clients and the next 25,000 sq km are in progress for December delivery.

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Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN) (JSE:ERN) announced today the arrival of the Pacific Bora drilling rig to the Oyo field offshore Nigeria. Erin Energy plans to use Pacific Bora to drill the Oyo-9 well (Oyo-9) on the Oyo field in deepwater offshore Nigeria. The Company expects to commence drilling of Oyo-9 in approximately 10 days and the well to add an additional 6,000 to 7,000 barrels per day.

The Pacific Bora is a highly efficient sixth generation double-hulled drillship, which the Company has the option to drill up to two additional wells. If exercised, the rig will be used to drill two of its offshore Nigeria exploration prospects in the prolific Miocene geological zone, which has been proven highly prolific in neighboring blocks.

Erin Energy Corporation is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of 7 licenses across 4 countries covering an area of 19,000 square kilometres (5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN. More information about Erin Energy can be found at www.erinenergy.com.

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Local Shopping REIT plc have increased their holding in Thalassa Holdings from 19,776,195 to 20,176,195 which represents a total of 24% of voting rights within the company.

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When one thinks of a seismic company in oil and gas, you might envision macro-seismic, the seismic operations that encompass entire geologic formations to create 3D profiles of an entire reservoir.

MicroSeismic Inc., however, is on the other end of the spectrum—evaluating stimulated rock on a well-to-well basis. The core of its business is to analyze the quality and characteristics of fractures made during the well-stimulation process.

Using the data from MicroSeimic’s fracturing analysis to understand how a formation might respond to its stimulation and completion operations, an operating company can better design the spacing, orientation, and location of their horizontal wells to maximize production.

MicroSeismic accomplishes its magic utilizing geo-phones to detect acoustic signals in the rock. These acoustic signals are generated during the stimulation or fracturing process. MicroSeismic essentially “listens” to how the reservoir responds to fracturing and stimulation, and its technology can determine the length, location and orientation of new fractures.

 

 

 

 

 

 

 

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Electromagnetic Geoservices ASA (EMGS) announces that the Company has entered into a prefunding and late sales agreement related to 3D CSEM data surveys in the Barents Sea in Norway. The agreement represents revenues of approximately USD 1.8 million. The data will be acquired during the third quarter of 2017.

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Highlights for the 6 months ended 30 June 2017

Group Results H1-17 v H1-16

Revenue	$8.2 vs. $5.2m
Gross Profit	$4.9m vs. $2.9m
Gross Margin	59.6% vs. 56.7%
Operating Profit before depreciation (EBITDA)	$2.4m vs. $0.5m
Group Net Profit	$0.8m vs. $0.8m
Group Earnings Per Share – basic and diluted*1	$0.04/£0.03 vs. $0.03/£0.02
Book value per share*2	$1.29/£0.99 vs. $1.17/£0.77
Cash	$3.1m vs. 1H16 $13.2m
Debt	$nil vs $nil
*1 based on weighted average number of shares in issue of 21,657,704 (1H16: 22,806,734)
*2 based on actual number of shares in issue as at 30 June 2017 of 21,633,865

H1-17 Operational Highlights

WGP

·     Completion of PRM surveys over Snorre and Grane in the North Sea

·     Completion of PRM survey over Ekofisk in the North Sea

·      Ongoing operations over Eldfisk In the North Sea 

ARL

·     Completion of 1st stage testing of prototype flying node

·     Progress with the development of autonomous operational software

Autonomous Robotics Ltd – Flying Nodes

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Sovcomflot (SCF Group) has been shortlisted for two important 2017 Lloyd’s List Global Awards, Company of the Year as well as ClassNK Tanker Operator of the Year.

This is the fourth year running that the Group has been a finalist of the Lloyd’s List Global Awards, one of the most respected awards within the international maritime industry. However, this is the first time Sovcomflot has been shortlisted for two different awards, both being among the most important awards on offer. This demonstrates that Sovcomflot’s achievements are highly regarded by the panel of judges.

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Extract from the Thalassa Holdings group results for the 6 months ended 30 June 2017.

• Completion of PRM surveys over Snorre and Grane in the North Sea
• Completion of PRM survey over Ekofisk in the North Sea
• Ongoing operations over Eldfisk In the North Sea

The seismic market’s recovery remains elusive, as the price of Brent crude dropped back during the first half of 2017 to around $50/bbl, and market commentators do not expect a recovery in seismic service day rates until at least mid-2018.

 Given the difficult market environment, WGP’s operational performance was solid and it successfully completed three and a quarter life of field surveys in the first half of 2017. Unfortunately, one of WGP’s projects continues to suffer from significant operational issues which are yet to be resolved. These issues have resulted in unacceptably high levels of downtime due to equipment failure. Fortunately, however, data quality has not been affected and data delivered is deemed better than 2016 by the client.

 In the first half of 2017 WGP continued with a solid HSE performance with zero recordable incidents for the period. Also, WGP’s quality, occupational health & safety and environmental management systems were successfully audited by BSI in May for their compliance with ISO 9001, 18001 and 14001.

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SeaBird Exploration Plc (“SeaBird” or the “Company”, with the ticker “SBX on the Oslo Stock Exchange) is pleased to announce that all consents required for the comprehensive restructuring announced 26 May 2017 have now been obtained.

The Company has signed an agreement with Glander whereupon USD 1,911,896 of the principal amount and all accrued interest as of 3 June 2017 owed to Glander under the Glander Credit Facility shall be  irrevocably repaid and discharged upon the issuance of SeaBird shares to Glander at NOK 5.00 per share and that the remaining claim of Glander under the Glander Credit Facility of USD 440,591 will be amended with the maturity date being extended until 30 June 2020, no principal payments until 30 June 2020 and the introduction of payment-in-kind interest for all interest payments to be made under the Glander Credit Facility

Furthermore, the Company has entered into an Exchange Agreement and a confirmation with TGS that all SBX04 Bonds outstanding under Tranche A shall be transferred to the Company and that any interest on such SBX04 Bonds shall be irrevocably discharged in exchange for the transfer of title to the majority of the Company’s multi-client library assets to TGS.

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It explains itself….

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