8th Sep 2014 07:07
LONDON (Alliance News) - Getech Group PLC Monday said it has won a new USD5 million proprietary services contract with the Angolan National Oil Company, Sonangol, giving it confidence of meeting current year market forecasts.
In a statement, Getech, which provides data, studies and services to the oil, gas and mining exploration sectors, said it expects that most of the income from the contract will be recognised in the current financial year.
Work is due to start immediately, with the contract work to be undertaken by the company's commissions division.
Chief Executive Raymond Wolfson said the contract is the company's largest proprietary project to date.
"We have already indicated that we see consultancy and proprietary projects as a growth area and in 2013 set up the commissions division to manage and build this business stream. This new contract is an illustration of our future ambitions," the CEO said in a statement.
Getech shares were up 19.8% to 68.3 pence in early trade on the back of the news.
By Samuel Agini; [email protected]; @samuelagini
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