Companies: OHM   

New conditions for energy exploration licences imposed by the Norwegian government could open new opportunities for Offshore Hydrocarbon Mapping (OHM).

Aberdeen-based OHM says it 'welcomes wholeheartedly' the decision by Norway's Ministry of Petroleum and Energy to require the use of electro-magnetic data by companies awarded offshore exploration licences in Norwegian waters. The feeling is that such data will enable companies to make better-informed decisions about whether to proceed with or abandon prospects.

Chief executive officer Charles Pratt says the Norwegian move 'signals growing industry and government acceptance of the importance of electro-magnetic imaging as a pre-drill exploration tool'. He adds that Norway is a 'very important market for OHM', which has already carried out several proprietary surveys in Norwegian waters ahead of the 19th licensing round, whose results can assist clients with their applications.

After OHM, which recently won a Falkland Islands contract, was floated on AIM in March 2004 at 170p, its shares quickly rose to 337.25p before sliding all the way down to 42.5p last October. They have since nearly doubled to 82p, valuing the company at £24 million and, if the Norwegian move bears fruit as Pratt hopes, the rally could continue.

Offshore Hydrocarbon Mapping	AIM	£4.75m	11.00p	-2.50p
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