EMGS has been awarded a contract by an International Oil Company to execute a CSEM survey in the Caribbean
July 04 2022 - 2:30AM
EMGS has been awarded a contract by an International Oil Company to
execute a CSEM survey in the Caribbean
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 § 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
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