09 March 2007
Offshore Hydrocarbon Mapping plc (OHM) (AIM:OHM): Electromagnetic Geoservices AS (emgs) agrees to discontinue patent proceedings against OHM
emgs is discontinuing its proceedings in the High Court of London against OHM which alleged infringement of emgs' patents relating to Seabed Logging.
OHM filed evidence with the Court seeking to demonstrate that emgs was mistaken in its belief that OHM's activities were infringing.
emgs has also agreed to pay £50,000 towards OHM's costs in defending this action.
Dave Pratt, Offshore Hydrocarbon Mapping's, Chief Executive Officer, said:
"We have consistently stated that we were not infringing the patent in question. We are very pleased that emgs has dropped this time-consuming action. We will now continue with our business as normal".
For further information, please contact:
Offshore Hydrocarbon Mapping Plc
www.ohmsurveys.com
Dave Pratt, Chief Executive Officer 0870 429 6581
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly 020 7202 2601
Notes to Editors
Controlled Source Electro-Magnetic imaging (CSEM) is potentially the most important new technology in the field of offshore oil & gas exploration since the advent of 3D seismic some twenty years ago. CSEM is an innovative offshore geophysical technique, employing electromagnetic remote-sensing technology to detect the presence and extent of hydrocarbon accumulations below the seabed.
The CSEM survey uses a dipole source that is towed just above the seafloor to transmit an electromagnetic field into the earth. This field is modified by the presence of subsurface resistive layers and these changes are detected and logged by an array of receivers placed on the seabed. Because hydrocarbon-bearing formations are highly resistive compared with surrounding formations, a CSEM survey can indicate the presence of oil and gas in offshore situations. CSEM imaging can significantly reduce the risk of drilling dry exploration wells creating considerable value for oil & gas explorers.
The technique was first used offshore Angola in 2000 and has since become a key deepwater exploration tool for the major oil companies. Very high success rates have been quoted by these companies, particularly when the results of a CSEM survey have been integrated with seismic interpretation.
Offshore Hydrocarbon Mapping plc listed on London's Alternative Investment Market in March 2004.
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