Electromagnetic Geoservices ASA

EMGS: Additional prefunding related to previously announced projects

Reference is made to the stock exchange notification published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 8 July 2024 wherein

EMGS announced that the Company had entered into an agreement for a fully-

prefunded Ocean Bottom Node (OBN) seismic survey in the Barents Sea.

EMGS is pleased to announce that it has secured an additional USD 0.5 million of

prefunding related to the OBN survey. Following this additional prefunding, the

total contract value, prior to revenue share, is approx. USD 1.5 million. The

survey is to be undertaken in collaboration with Velocitas Geo Solutions.

Additionally, reference is also made to the stock exchange notification

published by the Company on 1 July 2024 wherein EMGS announced that the Company

had received multi-client prefunding for an EM acquisition project in Norway

with a minimum contract value of approximately USD 2.0 million.

The scope of the survey has now been finalised. The final scope of the survey

adds USD 1.2 million in addition to the USD 2.0 million previously reported,

giving a total prefunding of USD 3.2 million for the project.

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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