Electromagnetic Geoservices ASA

Capital/Financing Update • Jul 25, 2022

EMGS secures prefunding for a multi-client survey offshore East Canada

EMGS secures prefunding for a multi-client survey offshore East Canada

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

that the Company has secured USD 2 million in prefunding for a multi-client

survey offshore Newfoundland and Labrador. The acquisition is expected to take

place in late third quarter 2022. The revenue is expected to be recognised in

the fourth quarter 2022.

The contract is conditional upon securing the required permits in Canada prior

to September 2022.

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.