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Reference is made to the stock exchange notice published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 8 April 2022, where EMGS announced that the Company had entered into an agreement for a fully pre-funded multi-client 3D CSEM survey on the NCS.
EMGS is pleased to announce the Company has secured an additional fully pre-funded multi-client 3D CSEM survey in Norway, to be acquired in connection with the survey announced on 8 April 2022.
The total secured pre-funding for the two surveys, including the previously announced USD 1 million, is approximately USD 2.8 million.
The Company has initiated mobilisation of the Atlantic Guardian, and the surveys are expected to be executed within Q2 2022.
Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian Securities Trading Act § 5-12.
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.