Electromagnetic Geoservices ASA

EMGS reports prefunding for multi-client acquisition in Norway

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce

that the Company has entered into a prefunding agreement related to multi-client

acquisition in the Barents Sea.

The scope of the survey has not yet been defined but represents a minimum

commitment of USD 2.0 million.

The fully prefunded multi-client survey is expected to commence in the third

quarter of 2024.

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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