24th Jan 2007 07:01
GETECH Group plc24 January 2007 GETECH Group plc GETECH COMMENCES THE MARKETING OF RUSSIAN ARCTIC SHELF AEROMAGNETIC DATA GETECH Group plc ("GETECH" or "the Company"), the oil services businessspecialising in the provision of exploration data and petroleum systemsevaluations, is pleased to announce the finalisation of Agreements to permitGETECH to commence exclusive marketing of Russian Arctic Shelf aeromagneticdata. These data will help major oil companies evaluate the hydrocarbonpotential of the Arctic. Several oil majors have expressed strong interest inlicensing these data and one has already placed an order totalling £840,000. Commenting on this order, Peter Stephens, Chairman of GETECH said: "This contract is the culmination of almost two years work. It is our firstmajor win this year and is typical of the small number of large contracts onwhich the company relies to achieve its targets" The enabling Agreements have taken over 18 months to finalise, with initialsigning in January 2006 followed in December 2006 by Russian approval to releasethe data. These Agreements give GETECH exclusive rights to over 850,000 linekilometres of flight line aeromagnetic data over the Russian Arctic continentalshelf. These aeromagnetic products will allow oil and gas companies, to evaluatemore effectively the potential of Russia's 6,800 km long northern offshorecontinental margin. The data are available to oil companies from April 2007 andshould contribute significantly to GETECH's future earnings as Arcticexploration increases. Commenting on the Agreements, Managing Director of GETECH, Professor DerekFairhead said: "We are delighted to have signed these Agreements and are now able to implementthem. These data form part of a suite of Arctic products that GETECH is makingavailable to international oil companies to allow them to evaluate thehydrocarbon potential of the shallow- and deep-water basins of the Arcticcontinental shelf. In this way, the Company is playing an important role inhelping oil companies access data in one of the world's largest and mostchallenging exploration frontiers". "Additionally, these data enhance GETECH's position as the holder of one of theworld's most extensive commercial archives of gravity and magnetic data". For more information, please contact: Buchanan Communications www.buchanan.uk.comKelly-Ann Knight01943 [email protected] GETECH Group Plc www.getech.comProf Derek Fairhead, Managing Director0113 343 5240 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 themid-1980s. During the subsequent 15 years, Professor Fairhead completed a numberof major industry-supported continental-scale compilations of gravity andmagnetic data. In the year 2000, GETECH spun out from the University as aseparate company 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 £3 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 £1.01. million on a turnover of £3.23million. 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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