Electromagnetic Geoservices ASA

EMGS signs second well calibration study

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

that it has signed an agreement for its second full-scale CSEM well calibration

study project in cooperation with Equinor. The revenue associated with this

second well calibration study is expected to be approx. USD 1 million over a

one-year period.

The objective of these well calibration studies is to provide global learning

and experience integrating CSEM data from EMGS' global multi-client library with

seismic- and well data, thereby allowing the Company's customers to better

understand and assess for each opportunity going forward whether and how CSEM

should be applied to further de-risk their exploration portfolios.

CEO of EMGS, Bjørn Petter Lindhom, comments:

"We are very excited and proud that another one of our customers has decided to

carry out a well calibration study in cooperation with EMGS. Through such a

study, Equinor's own personnel can add to their understanding of, and verify

when and how, CSEM provides added value.

We are confident that customers who undertake such a study will achieve an even

better understanding of the value of CSEM information, and the added returns and

reduced costs which can be achieved when using the product, thereby

strengthening their willingness to invest in such information."

Contact

Hege Veiseth, CFO, +47 99 21 67 43

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.

About Equinor

Equinor is an international energy company present in more than 30 countries

worldwide, including several of the world's most important oil and gas

provinces. Equinor is the leading operator on the Norwegian continental shelf

and have substantial international activities. Equinor is engaged in

exploration, development and production of oil and gas, as well as wind and

solar power.

AI Terminal