Hi,
As a geophysicist I've had a good deal of experience with most geophysical methods. Up front, I would say that electrokinetic method - which you are discussing, whilst does work in some circumstances, is certainly not the most reliable nor effective techniques at detecting the presence of groundwater.
The principle of the technique is a little bit different from what you describe - the dipole array is not an antenna it is a pair of galvanic electrodes that are measuring a change in potential (voltage) in the ground as a result of the compressional wave from the seismic source (typically a sledgehammer) causing a disruption to a phenomena known as Streaming Potential. Streaming Potential is a phenomena whereby the flow of groundwater with dissolved ionic species in solution through certain geological formations causes localized charge distributions which in turn generates a measurable 'self-potential' or voltage.
The theory of eletrokinetic sounding techniques is that a sledgehammer or explosive source induces a displacement or movement of groundwater through the formation, with accompanying localized zones of charge build-up. If you stick your electrodes in the ground, you can measure a voltage or potential across this zone. This is a galvanic phenomena - you are not measuring a B-field or H-field. Equipment used to measure the phenomena is pretty similar to a multimeter - just a high input impedance AFE with an ADC. Typical potentials measured are in the 1 to 100's of mV.
The main problem is that the ability to generate a measurable electrokinetic voltage is highly dependent upon the geology, the chemistry of the groundwater and whether there is any net of movement of the groundwater naturally. These factors tend to be orders of magnitude higher in the potentials they generate than the EKS response someone can generate from the surface with a sledgehammer.
My advice in terms of trying to find groundwater would be to simply carry out a self potential survey - that is, just measure the self potential generated by groundwater movement naturally. The technique is simple and will give you an indication of where to look. Just stick one electrode in the ground and then with a roving electrode, measure voltage every x metres in an orthogonal grid. Then grid/contour the measurements into a map of self potential (it will be positive and negative). Where you have significant potential, this can provide an indication of the presence of water flow in the near surface.
Ultimately if you want to directly measure the insitu % water content of the earth, NMR or nuclear magnetic resonance surveys are the best approach (provided there is no significant abundance of magnetite in your geology). Vista Clara make some of the best NMR systems.