Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce
that the Company has been awarded a proprietary survey for CSEM acquisition in
the Caribbean by an International Oil Company.
EMGS expects the survey to start late third quarter 2022 or beginning of the
fourth quarter 2022, with an approximate acquisition duration of 60 days. The
final acquisition scope under the contract, which has a maximum value of
approximately USD 11 million, has not yet been determined.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian Securities
Trading Act ยง 5-12.
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their search for offshore
hydrocarbons. EMGS supports each stage in the workflow, from survey design and
data acquisition to processing and interpretation. The Company's services enable
the integration of EM data with seismic and other geophysical and geological
information to give explorationists a clearer and more complete understanding of
the subsurface. This improves exploration efficiency and reduces risks and the
finding costs per barrel. CSEM technology can also be used to detect the
presence of marine mineral deposits (primarily Seabed Massive Sulphides) and
EMGS believes that the technology can also be used to estimate the mineral
content of such deposits. The Company is undertaking early-stage initiatives to
position itself in this future market.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act