Nothing Ventured, Nothing Gained

MTEM, the rapidly-expanding oilfield services company has successfully completed its first North Sea contract for operators Venture Production plc.The survey of a 24km stretch of exploration block has returned positive results, and represents a significant step forward for the company and its cutting edge hydrocarbon mapping technology.

Chief Operating Officer Sarah Ryan is optimistic that MTEM's first foray into the North Sea will bring further work from companies looking to develop exploration blocks in a cost-effective and conclusive manner.

"In a literal sense this was a step into uncharted waters for MTEM. We had successfully deployed our technology in an onshore environment, and all our testing had shown it would work offshore." she said.

"Venture recognised the value of what MTEM could offer in terms of where it would deploy its drilling resource during its field appraisal and development activities and was prepared to be the first to use our system in a commercial operation in the North Sea.

"I am confident that decision has been fully vindicated by the safe operation of the crew during quite challenging weather conditions, the excellent performance of our proprietary equipment, and the quality of the data our team has delivered."

She added "What this also shows is that we have a crew working to industry standards from an operational and HSE perspective. That is hugely important as we talk to other operators about potential contracts, particularly with the stringent environmental requirements for offshore operation in the North Sea."

Venture Production plc Chief Operating Officer Jon Murphy said "We are analysing the data provided by MTEM, but even at this early stage we are extremely encouraged by the results their survey has provided."

Further evidence of the growing interest in MTEM's work comes from the recent decision to open a new office in Calgary to service the Canadian market.