On 15 January 2019, the Norwegian Ministry of Petroleum and Energy (the “MPE”) announced the awards of new production licenses through the Awards in Pre-defined Areas (APA 2018) licensing round.
Based on the offered awards, Electromagnetic Geoservices ASA (the “Company” or “EMGS”), expects to realise net uplift revenues of approximately USD 2 million.
The APA 2018 uplift revenues, which are subject to amongst other things the Company’s customers’ formal approval of the awards offered by the MPE, will be recognised in the first quarter of 2019.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743