EMGS secures additional pre-funded multi-client survey in Norway
April 29 2022 - 4:30AM
EMGS secures additional pre-funded multi-client survey in Norway
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.
Contact Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian
Securities Trading Act § 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.
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