EMGS secures pre-funded multi-client surveys in Norway
31 May 2024 - 8:30PM
UK Regulatory
EMGS secures pre-funded multi-client surveys in Norway
Electromagnetic Geoservices ASA ("EMGS" or the "Company") has
entered into several agreements with Equinor and Partners for fully
pre-funded multi-client survey acquisitions in the Barents Sea.
The combined contracts have a total value of approximately USD
3.4 million.
The first of the fully prefunded surveys is expected to commence
in the third quarter of 2024, upon the Atlantic Guardian’s return
from Brazil.
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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