EMGS has received a letter of intent with a minimum value of USD 3.6 million from an undisclosed customer on behalf of a JV block consortium, offshore Namibia. Under the terms of the pending data licensing agreement, a final survey option type and license fee are expected to be determined by the customer within the end of Q1 2020.
Under the terms of the letter of intent, the customer will pre-fund a new multi-client CSEM data acquisition in the Walvis Basin using EMGS’s next-generation DeepBlue, a deep-towed source developed under a joint industry project involving Shell and Equinor. In addition, EMGS will provide data processing, inversion with 3D Gauss-Newton and integrated interpretation services.
Subject to final contract exchange and regulatory permits, including an environmental clearance certificate, survey acquisition is expected to commence between 1 May and 1 August 2020 using the vessel Atlantic Guardian.