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Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has secured USD 2 million in prefunding for a multi-client survey offshore Newfoundland and Labrador. The acquisition is expected to take place in late third quarter 2022. The revenue is expected to be recognised in the fourth quarter 2022.
The contract is conditional upon securing the required permits in Canada prior to September 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.