emgs

EMGS (OSL:EMGS) Electromagnetic Geoservices ASA (EMGS) has been awarded a contract with a new customer to perform its Clearplay Evaluate service to appraise a hydrocarbon prospect. The contract, which will be formally executed during the next days, is worth approximately USD 10 million. The electromagnetic (EM) survey will commence in September.

EMGS (OSL:EMGS) Reference is being made to the stock exchange release published on August 6, 2008 regarding the fully underwritten rights issue in the amount of NOK 250 million.

EMGS (OSL:EMGS) Highlights

EMGS (OSL:EMGS) Electromagnetic Geoservices (EMGS) has completed the world's largest multi-client electromagnetic (EM) survey in the Barents Sea, ahead of Norway's 20th exploration licensing round.

EMGS (OSL:EMGS) Electromagnetic Geoservices ASA's (EMGS) second quarter 2008 results will be released on Thursday 21 August 2008.

EMGS (OSL:EMGS) Electromagnetic Geoservices ASA (EMGS) has been awarded a contract worth more than USD 5 million by a repeat customer in Malaysia. The work has commenced and EMGS is using new technology in water depths of approximately 60 meters.

EMGS EMGS, the market leader in electromagnetic (EM) imaging, has announced a share capital increase, in the form of a rights issue of new ordinary shares, in the amount of NOK 250 million (the 'Rights Issue'). The share capital increase has been fully underwritten by a consortium consisting of existing shareholders led by Warburg Pincus and members of management. The fundraising will strengthen the working capital position of the Company and support its long term growth.

EMGS Preliminary second quarter results for EMGS ASA indicate weaker revenues than current market consensus for the three months ended 30 June 2008. The company expects to report revenues in the range of USD 22 - 24 million.

EMGS Electromagnetic Geoservices (EMGS) announced today that it has received additional industry pre-funding for its extensive multi-client electromagnetic (EM) scanning survey in the Barents Sea, ahead of Norway's 20th exploration licensing round.