Getech Group signs $2m contract

AIM-listed petroleum and minerals firm, Getech Group, announced it has secured a $2m contract with an unnamed US oil and gas company.Under the terms of the contract the group will be supplied with a long term licence for regional high resolution gravity and magnetic data.The group had previously said that whilst several significant contracts were expected to be signed before the end of the current financial year, predicting the timing of these contracts remained difficult. Therefore it was "pleased" to announce this contract.The firm anticipates the majority of income under the contract to be realised in "future years". Getech warned on June 10th that as a result of slow purchasing levels by clients, it now expects results for the 12 months ended July 31st to be "significantly below market expectations". Chief Executive Officer Raymond Wolfson said: "This order is from an existing Globe client and although the income had been substantially factored into our expectations, we are extremely pleased that the contract is now signed."As of 08:44 the share price had risen 6.98% to 45p.WS Getech Grp