10 January 2006
OHM welcomes inclusion of Electromagnetic Imaging in Norway licensing conditions
OHM welcomes inclusion of Electromagnetic Imaging in Norway licensing conditions
Offshore Hydrocarbon Mapping plc ("OHM") notes that Norway's Ministry of Petroleum and Energy (MPE) has placed conditions on a number of new exploration licences requiring the use of electromagnetic survey data, enabling companies to make better "drill or drop" decisions over prospects.
OHM welcomes this development wholeheartedly as the move signals growing industry and Governmental acceptance of the importance of electromagnetic imaging as a predrill exploration tool.
Dave Pratt, Chief Executive Officer of OHM, said: "Norway is a very important market for OHM. We have already undertaken a number of proprietary surveys in Norwegian waters ahead of the 19th Licensing Round, providing the results to clients to assist them in their application process. The decision by the MPE to apply electromagnetic imaging conditions on licences demonstrates Norway's world leading outlook on adopting important new technologies, a lead that we expect will be followed by other countries."
Ends
For further information, please contact:
Dave Pratt, Chief Executive Officer, OHM Plc, 0870 429 6581
www.ohmsurveys.com
Aquila Financial Limited Peter Reilly 020 7202 2601
ohm@aquila-financial.com
Notes to Editors
OHM's survey method transmits an electromagnetic field into the earth, which is modified by the presence of subsurface resistive layers. These changes in the field are measured and the resulting data is processed to provide information on the resistive structure of the subsurface.
Because hydrocarbon accumulations are generally very resistive, this method can indicate the presence of oil and gas in water depths of as little as 50 metres in certain circumstances, and can detect and map the edges of such accumulations. This reduces the risk of drilling non-commercial exploration wells and can reduce the need for appraisal drilling, thereby creating considerable value for oil explorers.
The company listed on London's Alternative Investment Market in March 2004.
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