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. ...
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