SPOT THE DIFFERENCE. How EM data improves your exploration decision-making SEG 2014 Denver - EMGS
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SPOT THE DIFFERENCE. How EM data improves your exploration decision-making SEG 2014 Denver
EMGS vision To make EM an integral part of the E&P workflow Our vision is to make EM as fully adopted as seismic – to be used as a complementary technology. By providing EM data integrated with other subsurface measurements we enable our customers to increase success in their exploration and development programs.
Electromagnetics in the E&P workflow
Gravity/
Magnetics Detailed 2D seismic 3D seismic Production data
Regional 2D seismic Lease Sale Borehole data 4D seismic
Basin Frontier
Exploration Development Production Abandonment
Evaluation Exploration
Develop play concepts Drilling risk reduction Near field exploration
Evaluate prospectivity Portfolio Management Reservoir Characterization
Preliminary resource assessment Delineation
Appraisal well planning
Probability of Economic Success & Volumetrics
Highlights YTD 2014 Contracts/ Customers • Multiple contracts with new and existing customers in Norway • New customer in Morocco in February • New contract for Petrobras • Recently announced contract with IOC in Malaysia Multi-client projects • First phase of 3D EM multi-client survey in US Gulf of Mexico completed • Commenced joint 3D EM multi-client project in Barents Sea with TGS • Commenced multi-client project offshore Canada • Partner agreements with ANCAP in Uruguay and Nalcor Energy in Canada Financial highlights • Revenues of USD 104 million 1H • EBITDA of USD 31 million 1H
Stable and flexible financial position
Balance sheet at 30 June
250 • Cash at USD 40.0 million at 30.6
200
150
100
50
0
Assets Equity & liabilities
Non current assets Cash
Current assets excl. Cash Shareholders equity
Liabilities Interest bearing debt
Mexico update Opening of the Mexican continental shelf • CNH to manage annual licensing rounds • Pemex granted 83% of proven and probable reserves in round zero • Round 1 expected to include major deep-water areas Status on USD 100 million Pemex contract • Est. USD 19 million in backlog at 30 September • Possible extensions of 2 x USD 25 million
Multi-client project in The US Gulf of Mexico Daybreak project • EMGS’ first major MC project in the US • 2014 program extended, covering approximately 156 blocks and 3,600 km2 • Access to 2D seismic from TGS US Gulf of Mexico important basin • Exposure to a wide range of companies • Large future potential
East Canada Multi-Client Program • Acquisition commenced on 25 July • Expect approximately 3 months, ~4,000 km2 in 2014 and 13,500 km2 in total • Calibrate survey to Flemish Pass Basin where recent major oil discoveries have been made by Statoil • First licencing round expected mid-2015 • Soliciting additional partners for the program
Barents sea – what if ..........
Skrugard
Havis Wisting Central
Skavl Fingerdjupet 1,2,3 Wisting Alternativ
Nunatak
Iskrystall
Norvarg
Kramsnø
7219/9-1
42,000km2 of 3D EM data
Darwin
28 Exploration Wells
21 EM before well
7 EM after well
Heilo
Albatross
Salina
Bønna
Nucula
Zapffe
Snøhvit
Exploration in the Barents Sea
450 EM anomaly
No EM anomaly
Recoverable Volumes (MMBOE)
400
350
300
All significant discoveries are associated
250 with strong EM anomalies
200
150
100
50
0
Recoverable volumes according to www.npd.noPL537 – Wisting & Hanssen
Hanssen
A
Hanssen Wisting A
Wisting C
B
B
Regional NBR07 data across Hanssen Well with CSEM
B A3D Broadband inversion – Hoopalong prospect
A’
B
B’
A
A
A A’ B B’Open acreage 23rd round – Jurassic
3D seismic time slice in area around Wisting
Wisting Central
Arbitrary seismic profile from Wisting and the surrounding areaFoz do Amazonas Overview
3D CSEM and Spectrum 2D Seismic Data
Zaedyus
Spectrum 2D Seismic GridSource of EM anomalies – fluids or lithology?
• CSEM anomaly • No CSEM anomaly
Low vel. AVA response Low vel. AVA response
• Low Velocity zone • Low Velocity zone
• Clear AVA response • Clear AVA response
CSEM anomaly CSEM anomaly
High vel. High vel.
• CSEM anomaly • No CSEM anomaly
• Low Velocity zone • Low Velocity zone
• No/Weak AVA response • Clear AVA response
• CSEM anomaly
• Low Velocity zone
• AVA responseRegional prospectivity
Questions?
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