EMGS receives Letter of Award for Survey in India

15 Jan 2025 12:50 CET

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce
that the Company has received a Letter of Award for a CSEM survey in India.

The survey is expected to have a contract value of approximately USD 10 million,
subject to the issuance of a callout order. The LOA does not include a minimum
scope of work. The Atlantic Guardian will commence acquisition following
completion of the previously announced survey in India.

The Company expects the final contract execution to take place within the next
several weeks.


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.

More information:
Access the news on Oslo Bors NewsWeb site