Electromagnetic Geoservices ASA

M&A Activity • Apr 30, 2014

EMGS - Agreement with ANCAP in Uruguay for multi-client EM data

EMGS - Agreement with ANCAP in Uruguay for multi-client EM data

Electromagnetic Geoservices ASA (EMGS) has entered into a partnership agreement

with La Administración Nacional de Combustibles, Alcohol y Portland ("ANCAP").

ANCAP is the regulating authority for oil and gas exploration in Uruguay. It is

ANCAP's intention that the licensing of EM data will count as working units for

the exploratory work program commitment in the upcoming license bid round in

"This agreement confirms the strong commitment from ANCAP related to the oil

companies' use of EM data in their exploration workflow in this region. It also

expands our opportunities in Uruguay for the years to come," says Roar Bekker,

CEO of EMGS.

The Uruguayan continental shelf has over the last years been established as a

major area for exploration activity, attracting major international oil and gas

companies. Several large seismic programs have recently been conducted. In the

public licensing round arranged by ANCAP two years ago, a major international

oil and gas company won the right to explore more than 13,000 km2 by committing

to acquire seismic and 3D EM over the entire area.

Contacts

Roar Bekker, EMGS chief executive officer, +47 73 56 88 10

Svein Knudsen, EMGS chief financial officer, +47 73 56 88 10

Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59

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 main offices in Trondheim and Oslo,

Norway; Houston, USA; and Kuala Lumpur, Malaysia.

For more information, visit www.emgs.com

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1781363]