North Energy is to spend almost £10million on buying new seismic data for the Barents Sea as it looks to strengthen its position in the Arctic waters.
The Norwegian oil explorer, which confirmed today it had raised £28million through a new private placement, has struck a deal with Electromagnetic Geoservices to buy the seismic scanning firm’s existing Barents data.
It will also pre-fund a new programme of scans in the region, using 3D electromagnetic data, later in the year as part of a new partnership with EMGS.
The data firm will invest in North’s private placement as part of the deal.
“This investment strengthens our partnership with a key customer and enables us to further harvest on our technology by participating in the value creation from integration of EM in the exploration workflow,” said EMGS chief executive Roar Bekker.
“We are also pleased to note that the completion of North Energy’s private placement renders them fully financed for a substantial exploration program,” said Bekker.
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