Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 8 July 2024 wherein EMGS announced that the Company had entered into an agreement for a fully-prefunded Ocean Bottom Node (OBN) seismic survey in the Barents Sea.
EMGS is pleased to announce that it has secured an additional USD 0.5 million of prefunding related to the OBN survey. Following this additional prefunding, the total contract value, prior to revenue share, is approx. USD 1.5 million. The survey is to be undertaken in collaboration with Velocitas Geo Solutions.
Additionally, reference is also made to the stock exchange notification published by the Company on 1 July 2024 wherein EMGS announced that the Company had received multi-client prefunding for an EM acquisition project in Norway with a minimum contract value of approximately USD 2.0 million.
The scope of the survey has now been finalised. The final scope of the survey adds USD 1.2 million in addition to the USD 2.0 million previously reported, giving a total prefunding of USD 3.2 million for the project.
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.