23rd May 2007 07:01
GETECH Group plc23 May 2007 GETECH Group plc Signs licence agreement with Petronas GETECH Group plc ("GETECH"), the oil services business specialising in theprovision of exploration data and petroleum systems evaluations, announces thatPetronas Carigali Sdn Bhd, the exploration arm of the Malaysian national oilcompany, has licensed from GETECH a global gravity database to assist with itsworldwide exploration programme. The database comprises a compilation ofGETECH's major continental-scale projects and its unique satellite gravitydataset of the Earth's continental margins. Commenting on this agreement, Professor Derek Fairhead, Managing Director ofGETECH said: "This is a significant sale resulting from several months of negotiation and isan example of GETECH's successful efforts to establish long-term relationshipswith major National Oil Companies (NOCs)." For more information, please contact: GETECH Group plc www.getech.com Prof Derek Fairhead, Managing Director 0113 3222200Colin Glass, Finance Director Notes to Editors GETECH evolved from a Research Group headed by Professor Derek Fairhead withinthe Department of Earth Sciences at the University of Leeds (UK) in the mid-1980s. During the subsequent 15 years, Professor Fairhead completed a number ofmajor industry-supported continental-scale compilations of gravity and magneticdata. In the year 2000, GETECH spun out from the University as a separatecompany and in 2005, floated on the AIM stock market in London. GETECH is a profitable and cash generative oil services business specialising inthe compilation and analysis of gravity and magnetic data and in evaluatingpetroleum systems within basins. GETECH licenses these data sets andinterpretation reports to major oil, gas and mining companies to enable thesecompanies to evaluate regional geology and thereby assist their explorationstrategies. GETECH has compiled one of the world's most extensive commerciallibraries of gravity and magnetic data. GETECH is based at the University ofLeeds, and it has a subsidiary in Houston, Texas and an active presence inSingapore. On September 23 2005, the Company listed on the AIM market of the London StockExchange, raising just over GBP3 million via an institutional placing. GETECH has 3 principal activities: • Licensing Global Gravity and Magnetic Data• Integrated Basin Interpretation Studies and Services• Evaluating the Petroleum Systems within basins The first two activities contributed the majority of Group revenue for the yearended 31 July 2006 with a profit of GBP1.01. million on a turnover of GBP3.23million. The third activity relates to the evolving Petroleum Systems EvaluationGroup, (PSEG), headed up by Dr Paul Markwick, which was formed in 2004 andprovides oil companies with detailed insights into the key source, reservoir andseal issues relating to the prospectivity of hydrocarbon basins. PSEG is seen asa major business growth area within the Company. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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