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Shame they dont seem to care about the inverness and shoreham projects
15 April 2024
Getech Group plc
("Getech" or the "Company")
Announcement of Joint Natural Hydrogen Exploration Agreement
and Two Further Natural Hydrogen Exploration Contracts
Getech, a world-leading locator of subsurface resources, is pleased to announce three separate contract wins related to the exploration of natural hydrogen (also known as 'geologic' or 'white' hydrogen). The first is a strategic joint venture exploration agreement with a new customer partner, while two additional contracts have been secured with existing exploration clients.
All three contracts are aimed at locating natural hydrogen resources for commercial development and demonstrate that the Company is at the forefront of this exciting new subsurface energy transition opportunity. Combined, the three transactions are expected to generate £390k of revenue over 3 years, with additional potential upside.
The joint exploration agreement is with a major European headquartered global industrial and energy company and aims to locate and develop economic natural hydrogen accumulations. In addition to earning fees for its exploration services, under the terms of the contract agreement, Getech will also earn 5% equity interest in any licenses obtained within a designated area and will be 'carried' through the exploration phase, including field sampling, exploration drilling and well-testing.
Over the course of the multi-year programme, Getech will apply its proprietary and industry-leading natural hydrogen location solution. This begins with understanding and modelling the geologic conditions known to produce natural hydrogen. Getech is uniquely placed to do this using its exclusive global geological and geophysical dataset which it has compiled over 30 years and used successfully for decades in other natural resource sectors. Getech will then deploy proprietary machine learning algorithms to find 'digital signature' matches in its data to predict the location of new natural hydrogen accumulations. Once natural hydrogen source rocks have been identified, Getech will use extensive experience gained from the oil and gas industry to predict the migration and trapping of hydrogen through the earth to identify subsurface reservoirs where hydrogen may have accumulated. This will be followed by verifying or 'ground truthing' these results in the field. The new customer partner will then take the lead in subsequent exploration drilling and development activities.
The two additional contracts are with existing exploration clients to screen for natural hydrogen and hydrogen storage projects in Eastern Europe and the USA. The projects will again use Getech's Globe geoscience platform, geophysical data and AI technology to locate areas with the geologic conditions to produce natural hydrogen.
Richard Bennett, CEO of Getech, commented:
"These transactions build on a good start to the current financial year and of course, further expand our expertise in he
Https://www.thinkgeoenergy.com/interview-expros-expansion-from-oil-and-gas-services-to-geothermal/
Https://martinflitton1.wixsite.com/privatepunter/post/getech-could-prove-well-placed-for-growth-03-04-24
FROM ADVFN - hope poster does not mind me reposting here
A British company is prospecting for vast deposits of hydrogen buried
in ancient rocks around the world including at potential sites in
Cornwall, Scotland and Northern Ireland.
Getech, a London-listed tech company, is collating data from across
Britain and has pinpointed potential hydrogen-bearing rocks in parts
of the British Isles too.
The deposits lie in a belt across Scotland stretching roughly from
Greenock in the west to Aberdeen on the north east coast. There are
others on Shetland, the Lizard peninsula in Cornwall and near Omagh
in Northern Ireland.
Chris Jepps, chief operating officer of Getech, said: "This is an
embryonic industry right now. So it's too early to say much but it's also
very exciting. There's some evidence it could be as big a market as oil
and gas."
Is that a brand new holding by Investec>?
I’m not a negative person but this Telegaph piece is all fluffy air. No substance and no £££££. Results will kill if not murder the shares. Valuation is way to fluffy. Be careful ❗️
Getech, a London-listed tech company, is collating data from across Britain and has pinpointed potential hydrogen-bearing rocks in parts of the British Isles too. The deposits lie in a belt across Scotland stretching roughly from Greenock in the west to Aberdeen on the north east coast. There are others on Shetland, the Lizard peninsula in Cornwall and near Omagh in Northern Ireland.
Surely this will create some interest
https://www.telegraph.co.uk/business/2024/03/31/british-company-hunts-white-hydrogen-cornwall-scotland/
Revenue was $1,513 million for the year ended December 31, 2023, an increase of $234 million, or 18%, compared to $1,279 million for the year ended December 31, 2022. Activity and revenue across all geography-based operating segments increased during the year ended December 31, 2023, most notably in Europe and Sub-Saharan Africa (“ESSA”).
Net loss was $23 million for the year ended December 31, 2023, or $0.21 per diluted share, compared to a net loss of $20 million, or $0.18 per diluted share, for the year ended December 31, 2022. Adjusted net income for the year ended December 31, 2023 was $20 million, or $ 0.19 per diluted share, compared to adjusted net income for the year ended December 31, 2022 of $19 million, or $ 0.18 per diluted share.
Adjusted EBITDA increased by $43 million, or 21%, to $249 million for the year ended December 31, 2023 from $206 million for the prior year. The increase in Adjusted EBITDA is primarily attributable to higher revenue and a more favorable activity mix. Adjusted EBITDA margin was approximately 16% for both 2023 and 2022, respectively. Adjusted EBITDA for the year ended December 31, 2023 includes unrecoverable LWI-related costs in Asia Pacific (“APAC”) of $36 million. Adjusted EBITDA for the year ended December 31, 2022 includes unrecoverable LWI-related costs of $28 million. Excluding unrecoverable LWI-related costs, Adjusted EBITDA for the years ended December 31, 2023 and 2022 would have been $285 million and $234 million, and Adjusted EBITDA margin would have been 19% and 18%, respectively.
Https://www.offshore-energy.biz/expro-acquires-uk-firm-to-expand-well-construction-and-intervention-portfolio/
https://www.thinkgeoenergy.com/expro-getech-to-cooperate-on-geothermal-advanced-energy-solutions/
Expro to acquire drilling services provider Coretrax for $210m
Coretrax specialises in performance drilling tools, wellbore clean-up, well integrity and production optimisation solutions.
https://en.wikipedia.org/wiki/Expro
These guys do not know how to write a rns, they could have done a rns and mentioned Expro have a market cap of 2billion, but Getech decided to not bother with a rns. pathetic.
https://www.offshore-energy.biz/expro-acquires-uk-firm-to-expand-well-construction-and-intervention-portfolio/
Another partnership, this time with American stock exchange listed Expro
https://getech.com/news/getech-and-expro-partner-to-advance-sustainable-energy-solutions/
Think i originally bought at 30p. they seem to be not interested in their Hydrogen inverness and shoreham projects, no mention of them?
Yes you!
1.9 million net cash forecast for this year in the new broker note is really good news.
Last year it looked like they may have to raise cash, but that looks unnecessary now .
With AI progress, if this was listed on Wall Street as a technology stock (which is what it should be rather than in the oil and gas sector) then its valuation would be much higher.
It’s a shame the UK stock market is so depressed at the moment but at some point investors will realise just what we have here.
Richard Bennett should go on a charm offensive in America!
Cavendish also see £1.9m net cash at the end of this year, rising to £3.1m next year.
An encouraging update, and good to see Cavendish raise their target price to 15p.
Noteworthy that on a tiny £6.7m m/cap they now see £0.8m EBITDA and a small positive EPS this year, rising to £1.8m and then £3m EBITDA giving rise to 1.5p EPS and then 3.3p EPS.
The AI and ML-led technology update is very positive and expected to result in an enhanced AI-driven natural hydrogen search capability "in the coming months".
There's a lot of drivel written about AI, but GTC's core markets are certainly sectors which should benefit hugely from AI.
It is a great RNS and only 68m in issue which means potential to move rapidly - Petro you are making it quite clear to all that you have shorted this share
The market loving the news today i don't need to pump it petroinvestors its about time you invested in stocks and started making money ........the RNS today was excellent and AI Technology coming soon....wow
Buying pressure very strong and mms letting go now ....breaking out
Newbies, beware that this is pumped by typical pumpers, and they all take profits. Never become attached to any share on AIM.
Most traders enter and exit with profits, and if you stay too long, you'll be left holding the baby.
The new CEO Richard Bennett is really turning this round, he’s doing a great job. Cash flow positive this year was his stated aim & we are on course.
Once the market realises the potential of AI this will fly.
Technical breakout happening as we speak .....should be in for a massive day .... Excellent RNS Today too
The directors bought shares, that can not be sold until price reaches 24 pence. What does that suggest?