Electromagnetic Geoservices ASA ("EMGS" or the "Company") is excited to be
selected as the acquisition provider for the NTNU ATLAB consortium. The
consortium was formed to study geophysical imaging of geological processes and
has received funding from the Norwegian Petroleum Directorate, Aker, CGG,
Equinor and NTNU's Centre for Geophysical Forecasting.
The objective of the ATLAB consortium is to collect a broad range of scientific
data at the Mohn's ridge, including CSEM, MT, streamer seismic, node seismic,
and both chemical and biological data for environmental purposes. All data will
be acquired using the Atlantic Guardian.
EMGS has developed a deep-towed EM streamer system that has been designed for
marine mineral exploration. In addition to EM, the new system serves as a
platform for the collection of numerous other data types close to the seabed.
The acquisition, which is currently ongoing, has a contract value of
approximately USD 1 million.
CEO of EMGS Bjørn Petter Lindhom comments
"We are excited to be chosen as the acquisition provider by the consortium. The
deep-towed EM system represents an important step towards a more diversified
product offering and positioning EMGS as the provider of choice for the emerging
marine mineral exploration market. We believe the new system allows for the
simultaneous acquisition of seismic and EM data for the purpose of shallow
subsurface imaging, which could have applications in site surveying for offshore
wind installations."
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.