Electromagnetic Geoservices ASA (EMGS) ) announced that the Company had received a Letter Of Intent (LOI) to award a contract for a minimum of USD 8.3 million for 3D EM data acquisition in North-West Africa.
The LOI has resulted in a signed contract with an undisclosed client.
The vessel BOA Thalassa has commenced the survey, which is expected to take about one month, after which the vessel will be moved to Norway.
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. 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.