EMGS secures pre-funded multi-client surveys in Norway

31 May 2024 12:30 CEST

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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