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EMGS: EMGS commences 3D EM multi-client campaign and expands cooperation with TGS in Barents Sea

Electromagnetic Geoservices ASA (EMGS) and TGS have agreed to further expand
the companies' cooperation agreement in the Barents Sea. Currently, TGS has a
30% ownership in the multi-client EM data over 17 blocks in the Hoop area.
The agreement will be expanded with 4 new blocks in the Hoop area and 14
blocks in the southeastern area of the Barents Sea. TGS will take a 50%
ownership in the EM data over all the new 18 blocks.
"The expansion of this agreement further confirms the value of integrating 3D
EM data with seismic data to reduce risk and discover more in the Barents
Sea. The joint sales and marketing efforts will result in broad market
exposure of our EM data," says Roar Bekker, CEO of EMGS.
The contribution from TGS related to the expansion of the agreement will be
booked as a reduction of the carrying value of EMGS existing multi-client
EMGS will shortly commence acquisition of 3D EM data in the southeast area of
the Barents Sea. The vessel Atlantic Guardian will acquire the data in the
southeast area. The full survey has a planned duration of 4 months and is
supported by industry funding.

Roar Bekker, EMGS chief executive officer, +47 911 41 149

Svein Knudsen, EMGS chief financial officer, +47 911 41 149

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,
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EMGS via Globenewswire


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