Getech Grp Regulatory News (GTC)

24 Jul 2008 14:15



GETECH Group plc ("GETECH" or "the Company")

DATA SALES AND NEW DATA AGREEMENTS 

The directors of GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, are pleased to announce the signing of significant new licences for the Company's regional and global gravity and magnetic data sets which will generate income in excess of £500,000. Some of the income will be recognised in this financial year ending 31 July 2008, with the rest falling in the next financial year. The increased demand for such data sets demonstrates their importance in exploration as the oil industry evaluates more and more hydrocarbon opportunities in mature and frontier areas. Gravity and magnetic data compilation studies have been a founding part of GETECH's core business and a significant source of revenue. The clients for these studies represent a range of mid-size to major oil companies based throughout the world including Japan, Europe and the USA. The gravity and magnetic products in demand have coverage ranging from global to regional, in particular Southeast Asia, East and Central Asia. GETECH also continues to build its gravity and magnetic database keeping it at the forefront of exploration databases, through marketing agreements with national organisations and the acquisition of data. A new agreement has been concluded this month with the Cambodian National Petroleum Authority to market its onshore data covering the Tonle Sap Basin. In addition, a gravity data acquisition contract has been entered into which enables GETECH to undertake new gravity surveys in Brazil and Chile and to complete the regional gravity survey of Paraguay. Fieldwork will commence in August 2008 in association with Brazilian Institutions (University of Sao Paulo and IBGE (the Brazilian institute of geography and statistics)) and various national groups who will provide important in-country logistical support. The Brazilian and country links were originally established in the early 1990s when GETECH commenced a programme with the Brazilian Institutions to infill gravity gaps in the various national gravity coverages within South America. The data resulting from these new surveys will become available for marketing by GETECH in 2009.

Professor Derek Fairhead, Executive Chairman, commented "The growth of and demand for the exploration gravity and magnetic data sets is most encouraging and possibly reflects a change in oil company strategy to spend more of their income on exploration. We look forward to this trend continuing." 

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