Electromagnetic Geoservices ASA and its wholly owned subsidiary Electromagnetic Geoservices Canada Inc. (together, “EMGS”) have initiated preparations for carrying out a pre-funded multi-client survey west of Newfoundland, Canada. The survey represents a minimum level of revenues to EMGS of approx. USD 2.5 million.
The survey is expected to be executed in the fourth quarter of 2017.
EMGS Press Release
Corridor hired EMGS, from Norway, to do the study. The work amounts to C$3.3M, as disclosed previously by Corridor.
The study is almost underway. The vessel Atlantic Guardian is sailing to the Old Harry site. The vessel crossed the Atlantic earlier in October. It was moored of St-John’s until last week when it sailed to the Gulf of St-Lawrence. It is now off the coast of Nova Scotia, near Cape North.
There were many studies realized throughout the years in the Western Newfoundland and Labrador Region (Petro-Canada, Mobil Oil, Marathon Petroleum, Talisman Energy, BHP Petroleum, etc). Petro-Canada wasn’t far from the underground structure in 1981.
Corridor has done a very similar study in 1998.
The focus was on the Western structure of Old Harry, in Quebec’s territory. This time, Corridor will focus on the Eastern structure.
Corridor has now C$47M in working capital, or C$0.53 per share. I am still holding a reduced position in Corridor since Value Digger’s article on August 3.
Disclosure: I am long CDH. Not for republication on Seeking Alpha.