Getech Grp Regulatory News (GTC)

Getech Group plc

("Getech" or the "Company")

CryoSat-2 pilot study converts to multi-client project with income exceeding £500,000 over three years

Getech, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce that it has now signed up three clients to fund its new global multi-satellite gravity project.

In April 2012, the Company announced that it had started an oil-industry funded pilot project using gravity data from the "CryoSat-2" satellite. This aimed to develop and demonstrate methodologies to improve the exploration value of satellite gravity data by combining new data from CryoSat-2 with existing data. The pilot study was performed over selected geographical areas of the world.

The Company has presented the results from the pilot study and has now signed up the first three clients to fund the global roll-out of the work. The total committed income from these initial clients is in excess of £500,000 to fund the three year project.

Getech's Chief Executive, Raymond Wolfson, commented "Getech has been a leading group since the mid-1990s in the production of the highest resolution satellite derived gravity products and projects such as this help us to maintain that position. We are very pleased to have signed up three companies so far and anticipate that further clients will join the project as it progresses."

Enquiries