EMGS secures prefunding for a multi-client survey offshore East Canada
July 25 2022 - 1:45AM
EMGS secures prefunding for a multi-client survey offshore East
Canada
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.
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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