Offshore Hydrocarbon Mapping (OHM) is pleased to announce further positive momentum during the 6 months to 28th February 2007: New client enquiries remain at high levels; surveys have been completed successfully in
Revenues from contract controlled-source electromagnetic (CSEM) survey services, which are undertaken directly for specific clients, have exceeded the company’s plan. Data library sales, which are generated from sales to multiple clients of data gathered by the company in anticipation of upcoming licensing rounds, have suffered due to a postponement by a year of the 20th Norwegian licensing round. The Norwegian authorities announced the postponement subsequent to data acquisition on the company’s data library survey program. The data gathered is of high quality, and its value to the industry will be unaffected by this delay.
The company took the opportunity in the half year to deploy upgrades to its receiving equipment. Teething problems with these upgrades resulted in some technical downtime which adversely impacted the profitability of two of its surveys. The upgrades are now fully functional and have resulted in improved receiver performance and reliability.
OHM Chief Executive Officer Dave Pratt commented, “The second half of 2007 will bring further development milestones for the company. Our new data processing and analysis software, OHMVision, will be formally launched in April. This product will allow OHM to build further on its commanding lead in imaging and analyzing CSEM data. Our new purpose-designed CSEM vessel, OHM Express, remains on schedule to commence operations in late May and should allow us to make significant efficiency advances in our offshore operations. The vessel’s first surveys will be on shallow water prospects in the
The Company expects to report its interim figures April 19th.
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