Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 23 March 2019, announcing that the Company had received a multi-client letter of intent with an approximate value of USD 2.5 million.
EMGS and the customer, Spirit Energy Norway AS on behalf of the PL1031 license group, have today entered into a final contract under the letter of intent.
Following an extension of the scope of work, the final contract value is approximately USD 3.4 million.
The vessel Atlantic Guardian has started mobilisation for the survey. It is expected that acquisition will commence early April and be completed within the second quarter of 2019.
Contact
Hege Veiseth, CFO, +47 992 16 743
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.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act