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Getech expands services to natural hydrogen
Today 07:00
RNS Number : 4280I
GETECH Group plc
07 August 2023
7 August 2023
Getech Group plc
("Getech" or the "Company")
Getech to unlock natural hydrogen exploration sites
Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce that its services now include the ability to predict the location of natural hydrogen deposits in the subsurface. The Company has successfully combined knowledge of natural hydrogen's genetic systems with Getech's proprietary data platform, products and machine learning analysis to deliver this expanded service.
Getech's approach categorises sources, migration paths, reservoir traps and seals which are then integrated with its data tools including the Globe digital platform, which models the earth's subsurface and uses computational modelling and AI machine learning to provide favourability maps, identifying the sweet spots for developing natural hydrogen.
Historically focused solely on finding oil & gas reserves, Getech has been expanding its search capabilities to locate new sources of energy and mineral resources to meet the significant demand driven by the energy transition. The focus in the last two years has been on developing new solutions to target sediment-hosted copper, zinc-lead and sedimentary lithium deposits.
Evidence suggests there are vast reserves of clean, geologic hydrogen beneath the earth's surface that can accelerate the energy transition. Hydrogen can produce clean energy with only water as a byproduct and the gas can be used as a carbon free fuel for vehicles, for power generation and in many other industrial applications.
Richard Bennett, Executive Chairman of Getech said: "Locating valuable assets in the subsurface is what we do and we have been doing it successfully for 30 years. The energy transition has created substantial commercial demand for a raft of new minerals and energy sources. In response, we have been reseting our digital data platform, Globe, to assist existing and new customers to find what they are looking for. Natural hydrogen is anticipated to be a major future energy resource and we expect the exploration industry will be keen to utilise our expertise, especially given our reputation for successfully locating other types of energy sources and our ability to provide data simply and compatibly."
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High Court upholds Loxley Planning Consent
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the High Court has today ruled that planning consent for the Company's conventional gas and hydrogen feedstock project in Surrey, is entirely lawful. Loxley planning consent therefore remains in full force and the Company's plans to implement the project remain unchanged.
Following a High Court hearing on June 8th, 2023, both points of challenge to the Secretary of State's June 2022 grant of planning consent, brought by Protect Dunsfold and Waverley Borough Council, were dismissed by the judge, the Honourable Mrs Justice Steyn DBE. In October 2022, Mrs Justice Lang dismissed challenges by the same claimants and ordered them to pay costs.
UKOG has consistently stated that Loxley can play its part in the government's Hydrogen and British Energy Security Strategies via the supply of its gas as feedstock for reformation into clean burning hydrogen. Loxley's hydrogen potential forms part of the Company's move into the hydrogen space along with its Dorset hydrogen storage and Hydrogen Battery project.
From the half year report, £650 million contractually secure forward sold revenue to come through over the next two to three years!!
· Operational resilience continues to be demonstrated:
- 12 current developments on track with five due to achieve practical completion this summer
- £650 million contractually secure forward sold revenue to come through over the next two to three years
- Build costs and supply chain well managed throughout the period. Starting to see build inflation reduce which should give rise to future buying gains
- Good progress in all phases of our development model including land acquisitions and moving schemes through planning.