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EMGS - Subsequent Offering
Oslo, 8 July 2010: Electromagnetic Geoservices ASA ("EMGS" or the "Company" -
Reference is made to the stock exchange release dated 22 June 2010 regarding a
private placement of new shares in the Company ("Private Placement") and a
possible subsequent offering ("Subsequent Offering").
Due to the prevailing market conditions, with the shares of the Company trading
below the subscription price in the Private Placement and in a Subsequent
Offering, the Board of Directors of the Company has decided not to have a
Subsequent Offering. Shareholders of the Company as at 21 June 2010 (as
recorded in VPS on 24 June 2010 and visible in the VPS on 25 June 2010) who
were not contacted by the Managers to participate in the Private Placement or
who did not participate or leave an order in the Private Placement, will have
had the opportunity to acquire shares in the Company at a price less than the
subscription price in a Subsequent Offering, and a Subsequent Offering is
therefore not required to address the interests of such shareholders.
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas
companies in their search for offshore hydrocarbons. The company is the EM
market leader, and provides Clearplay, the world's first fully integrated EM
Three service offerings - Clearplay Find, Test and Evaluate - have been designed
to assist operators in the exploration and production phase. Clearplay supports
each stage in the workflow, from survey design and data acquisition to
processing and interpretation. The services enable 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 the world's first purpose-built 3D EM vessel fleet and has
conducted more than 450 surveys to improve drilling success rates across the
world's mature and frontier offshore basins. The company operates on a worldwide
basis with main offices in Trondheim and Stavanger, Norway; Houston, USA; and
Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
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Source: EMGS via Thomson Reuters ONE