EMGS secures multi-client revenues in Norway

10 Jan 2023 13:40 CET

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce
that the Company has secured approximately USD 1.7 million in revenue from late
sales related to its existing multi-client library in the Barents Sea.

The revenue is expected to be recognised in the first quarter of 2023.


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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