Getech Grp Regulatory News (GTC)

13 Feb 2006 07:00

GETECH Group plc13 February 2006 13 February 2006 GETECH Group Plc GETECH Strengthens Petroleum Systems Evaluation Group Team GETECH Group Plc ("GETECH" or "the Company"), the oil services businessspecialising in the provision of exploration data and petroleum systemsevaluations, announces the appointment of four specialist geologists to thePetroleum Systems Evaluation Group ("the Group"). These appointments were made as part of the continuing growth of the Group,which aims to reduce exploration risk through the application of innovative andtraditional techniques in identifying international petroleum prospects. Thesetechniques include the interpretation of regional tectonics, basin dynamics,Earth System modelling and palaeodrainage analysis. Due to a consistent increase in demand for petroleum systems services, Dr. JohnJacques, Senior Structural Geologist, has conducted a proactive recruitmentcampaign to identify key personnel within the areas of structural geology,petroleum systems geology and geochemistry. The newly appointed personnel, drawnfrom both academia and industry sources, will be integral to the Group'scontinued success. Commenting on the agreement, Managing Director of GETECH, Professor DerekFairhead said: "As a result of our focused program, the number of petroleum systems personnelwithin GETECH has risen to nine, since the creation of the Group in August 2004.The additions of a Senior Geochemist, a Project Petroleum Geologist, aStructural Petroleum Geologist and Petroleum Geologist, with combined experienceof over 50 years, will increase our offerings to the Company's blue chip,Exploration and Production client base. These additions to the team are completely in line with our strategies to createa driving force in the oilfield service arena". -ENDS- For further information, please contact: Buchanan Communications www.buchanan.uk.comAlastair Watson or Kelly-Ann French 01943 883990alastairw@buchanan.uk.com or kelly-annf@buchanan.uk.com GETECH Group Plcwww.getech.comProf Derek Fairhead (Managing Director) 0113 343 5240Colin Glass (Finance Director) 07831 258494jdf@getech.com Teather & Greenwood Ltd www.teathers.comMark DickensonRob Naylor 020 7426 9000 Notes to Editors Company Background 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 most extensive commercial librariesof gravity and magnetic data in the world. GETECH evolved in the mid-1980's from a Research Group headed by Professor DerekFairhead within the Department of Earth Sciences at the University of Leeds(UK), where the Company is still located today. In 2000, GETECH was spun outfrom the University as a separate company. 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 a subsidiary in Houston, Texas and an active presence in Singapore. GETECH has 3 principal activities: • Global Gravity and Magnetic Data Licensing • Integrated Basin Interpretation Studies and Services • Evaluating the Petroleum Systems within basins The first two activities contributed the majority of GETECH's revenue for theyear ended 31 July 2005. The third activity relates to a new Petroleum SystemsEvaluation Group, which was formed in 2004 and provides oil companies withdetailed insights into the key source, reservoir and seal issues relating tohydrocarbon basins. New Personnel Joining the Petroleum Systems Evaluation Group James Armstrong, Senior Geochemist. James brings 25 years industry experiencegleaned from working for a range of large and small oil companies including therespective national oil companies of Morocco, Libya, Algeria, Tunisia and Egypt.In addition, he was the lead geochemist on several appraisal wells drilledoffshore China, and played an active role in a state sponsored study of theArabian Peninsula. For GETECH, James will apply his practical knowledge to the18 month 'South Atlantic Margin Study' currently under review by the Company. Ruth Hoult, Project Petroleum Geologist. Prior to Ruth's appointment to theCompany, she acted as Senior Seismic Interpreter and Hydrocarbons Geologist forthe British Geological Survey. This role centered on the defining of untestedprospects in the UKCS and the development of international hydrocarbonexploration contracts such as those pertinent to the North Falklands Basin. Claudia Fintina, Structural Petroleum Geologist. Claudia will join GETECHbringing extensive knowledge of frontier exploration gathered from her previousrole as Structural Petroleum Geologist for PDVSA (the National Oil Company ofVenezuela). Claudia was involved with several studies focused on the evaluationof both onshore and offshore prospects in the Venezuelan basin. Dr. Chaker Raddadi, Petroleum Geologist. Dr. Raddadi is an expert in carbonatedepositional systems. His Post-Doctoral research, at the University ofMontpellier (France), was financially supported by a major oil company. -ENDS- This information is provided by RNS The company news service from the London Stock Exchange