Getech Grp Regulatory News (GTC)

19 Dec 2006 07:01

GETECH Group plc19 December 2006 19 December 2006 GETECH Group plc New Research and Development Study Commissioned by Shell Oil Company GETECH Group plc ("GETECH" or "the Company"), the oil services businessspecialising in the provision of exploration data and petroleum systemsevaluations, announces the appointment of two leading geoscientists, Dr AhmedSalem and Dr Kumar Hemant (on full- and part-time bases respectively), to helpundertake a two-year "Curie Isotherm" research and development ("R&D") contractcommissioned by Shell Oil Company ("Shell"). This contract will investigate methods of mapping the Curie isotherm fromterrestrial and satellite based geological and geophysical data. As part of thisstudy, GETECH has established an international panel of scientific experts todiscuss its progress and results. This contract is the second R&D contract theCompany has successfully secured from Shell with a combined value exceeding£500,000. GETECH has, over the last 10 years, been at the forefront of potential fieldresearch by developing and applying new interpretation techniques. This two-yearR&D study is designed to develop methodology to map the depth of the Curieisotherm using terrestrial and satellite potential field datasets constrained byheat flow data, seismic tomography and other geological and geophysical data.(See Notes to Editors) Professor Derek Fairhead, Managing Director of GETECH and Professor of AppliedGeophysics within the University of Leeds commented: "Securing this R&D contract from Shell is particularly pleasing, as this typeof outsourcing is not commonly seen within our sector of the oil industry. Italso reflects a growing need for oil companies to outsource research to maximizethe wealth of new satellite data and academic knowledge. We are delighted to beworking with Shell, and look forward to a long and fruitful relationship withthem. " For further information, please contact: Buchanan Communicationswww.buchanan.uk.comKelly-Ann Knight01943 883990kelly-annk@buchanan.uk.com GETECH Group Plcwww.getech.comProf Derek Fairhead (Managing Director)0113 343 5240Colin Glass (Finance Director)07831 258494 Teather & Greenwood Ltdwww.teathers.comMark DickensonRob Naylor020 7426 9000 Notes to Editors The Curie Isotherm The Curie isotherm (approx 5500 C) is a significant thermal surface within theearth's crust or upper mantle. Having the ability to spatially map its depthprovides an important input to calculating oil maturation processes withinsedimentary basins. At the Curie temperature, rocks lose their ability to retainmagnetism. The variation in depth of the Curie isotherm surface will causevariations in the physical properties of the earth's interior and be reflectedin the long wavelength response of the earth's magnetic field as measured bysatellites and the spatial variation of both the Elastic Thickness 'Te' andisostatic gravitational response. 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 2006. The third activity relates to the rapidly expandingPetroleum Systems Evaluation Group, which was formed in 2004 and provides oilcompanies with detailed insights into the key source, reservoir and seal issuesrelating to hydrocarbon basins. This information is provided by RNS The company news service from the London Stock Exchange