EMGS: First acquisition contract related to renewable energy infrastructure
2023年11月1日 - 2:00AM
EMGS: First acquisition contract related to renewable energy
infrastructure
Electromagnetic Geoservices ASA ("EMGS" or the "Company") is
pleased to announce that the Company has entered into its first
acquisition contract related to renewable energy
infrastructure.
Subject to the issuance by the undisclosed customer of certain
notice to proceed orders, the contract has a value of up to approx.
USD 2 million. The contract does not include any minimum scope of
work.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“We have long held the view that the EM technology has a number
of applications also outside of the core E&P industry,
including marine minerals exploration, geothermal and site surveys.
EMGS is therefore very excited to undertake this first renewable
energy infrastructure project. We are confident in our ability to
deliver best-in-class data to the customer, and that this project
will demonstrate that using EM data represents an attractive value
proposition also outside of our core area of oil and gas
exploration.”
Under the contract, EMGS will acquire resistivity data based on
the magnetotelluric (MT) geophysical method, which utilises the
natural variations of the earth’s electromagnetic field without an
artificial EM source. The area of operations is in Southeast Asia,
and the Company will acquire the data based on a cost-efficient
setup utilising a locally chartered vessel.
Subject to the issuance of a notice to proceed order by the
customer, the Company expects to undertake the acquisition project
in 2024.
Contact Anders Eimstad, Chief Financial
Officer, +47 948 25 836 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. This information is subject of the
disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.
Electromagnetic Geoservi... (LSE:0J5B)
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