SILLENGER EXPLORATION CORP announced that it has retained the services of Fugro Airborne Surveys Corp to conduct the airborne geophysical survey of the Rio Muni region of Equatorial Guinea. The upcoming survey will help to reveal the locations of potential deposits and provide a detailed reading of the subsurface structures.
Equatorial Guineas oil deposits have ranked it third amongst sub-Saharan African oil producing countries. It is leading the way in Africa in the monetisation of its gas reserves, while other countries are still flaring most of their gas. Government policies in the sector are fuelling an investment climate that is attracting a tremendous amount of international interest in the opportunities in the oil & gas sector.
ELECTROMAGNETIC GEOSERVICES ASA (EMGS) has been awarded a multi-year contract worth a minimum of US$150mn by one of the world's largest oil companies. The 3D EM campaign will employ one of EMGS's purpose-built 3D EM vessels continuously throughout the duration of the contract period, providing substantially improved vessel utilisation levels.
Formal finalisation of contract and contract signature is expected imminently, with vessel mobilisation towards the end of August. EMGS anticipates that the contract will generate 2010 revenues in the range of US$20-25mn, and that the remaining contract value will be recognised in 2011 and 2012.
THE BOS ARCTIC will acquire a number of 3D programs in Cameroon for Euroil (A Bowleven Company) using a six streamer configuration.