Getech Grp Regulatory News (GTC)

RNS REACH

Getech Group plc

("the Getech Group" or the "Company")

Sierra Leone Offshore Waters Opened to Tender

Getech (AIM; GTC) has worked with the Petroleum Directorate of Sierra Leone since 2016, delivering data management, capacity building and advisory services. As a partner in the planning and delivery of the Republic's Fourth Licensing Round, Getech's primary focus is to achieve a successful outcome to the re-opening of the Round and is actively engaged in the discussions with prospective investors. Getech also works in partnership with the Directorate to encourage all applicants to invest in the extensive inventory of geophysical and well data owned by the Government of Sierra Leone.

Conclusion of consultation, reopening of Fourth Licensing Round

Mr Timothy Kabba, Director General of the Petroleum Directorate of Sierra Leone has announced on behalf of the country's Government, the reopening of Sierra Leone's Fourth Licensing Round.

Following the conclusion of a six-month industry consultation that was designed to collate international industry feedback and ensure the success of this round, companies are now invited to re-engage with the Fourth Licensing Round.

The consultation provided the Directorate with the evidence needed to structure this round in line with industry expectation and hence the Fourth Round will:

· Fully open the Republic's offshore waters for petroleum licensing.

· Utilise a more flexible Block framework as the basis for licensing.

· Launch a Direct Tender for Licence Applications where 50% or more of the application area is in water depths in excess of 2,500 m.

· Launch an Open Tender for all other Licence Applications.

To assist their evaluation of the hydrocarbon potential in these Blocks the Petroleum Directorate, supported by the Getech Group has set up Data Rooms in Freetown, London and Houston.

These facilities will allow potential investors to review:

· Over 29,000 line-kilometres of 2D seismic data.

· Over 11,000 kilometers2 of 3D seismic data.

· 8 wells.

· Extensive value-added studies and reports.

The deadline for Open Tender applications is 22nd November 2019. Direct Tender negotiations will close on 20th September 2019.

CEO of the Getech Group, Jonathan Copus commented;

"Working in partnership with the Petroleum Directorate of Sierra Leone, we are delighted to support the reopening of the Fourth Licensing Round. Having completed its consultation, the Petroleum Directorate has put in place a robust but flexible licensing framework that will assist investors in their evaluation of the significant potential of the Sierra Leone margin. We look forward to the successful outcome that facilitates the optimal exploration and development of Sierra Leone's petroleum resources for the long-term benefit of its people''

For more information about the tender process, including opening and deadlines dates, please contact the Getech Group: www.getech.com

For further information, please contact:

Notes to Editors:

The Getech Group provides the expertise, support and knowledge that companies and governments need to better discover, develop and manage natural resources. Our data-rich products, geospatial solutions and government advisory services help our customers to achieve their business goals of risk-management, cost control, operational excellence, regulatory compliance and environmental responsibility. 

The Group has a long history of assisting Governments and National Oil Companies with License Rounds, Data Management, Capacity Building and Advisory services to develop their nation's natural resources. Our work in Sierra Leone joins similar Getech Group projects in Africa, the Americas and Middle East.

For more information, please visit our website at www.getech.com