Last checked at 17 Jul 2023 07:00
17 July 2023
Getech Group plc
("Getech" or the "Company")
Three Contract Wins
Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce the signing of three contracts for Globe, worth together over £0.8 million over the next three years, of which £381k relates to the current financial year. These contracts represent significant additions to the Group's existing orderbook, which now stands at £4.2 million.
Globe is Getech's proprietary digital platform of earth science data that facilitates the exploration and location of subsurface resources that are vital for the energy transition, including carbon storage, geothermal, natural hydrogen and critical mineral assets. Globe is an innovative product that collects geoscience and earth observation data, and through proprietary computational modelling and AI led machine learning techniques, identifies favourable exploration opportunities for our customers.
Two of these contracts represent a one-year extension of Globe subscriptions for our existing clients: a leading European oil and gas supermajor and a respected global energy company. The third contract marks the introduction of a new client into our portfolio, securing a three-year Globe subscription for an Asian oil and gas company.
Richard Bennett, Getech Executive Chairman, commented:
"The Company continues to service and expand its long-standing oil and gas client base as these contracts show, enabling our clients to search for new resources far more efficiently and by doing so, significantly reduce their exploration costs.
Alongside this, we are also continuing to develop new income streams from outside of the oil and gas sector. Both countries and companies alike are investing significantly to locate and secure high demand subsurface assets critical for the energy transition. Globe has the data to support these new searches and we are working with prospective clients to re-purpose our data, software and analytics to identify critical minerals (such as copper and lithium) and ideal locations for geothermal, hydrogen and carbon capture and storage (CCS) projects."
For further information, please contact:
Getech Group plc Irina Logutenkova, Head of Investor Relations |
Tel: 0113 322 2200 |
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Cenkos Securities plc Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Dale Bellis (Sales) |
Tel: 0207 397 8900
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Novella Communications | Tel: 0203 151 7008 |
Tim Robertson / Claire de Groot / Safia Colebrook | |
getech@novella-comms.com | |
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Notes to editors:
Getech is a leading locator of the essential energy and mineral resources vital for the energy transition. Getech's unique data encompassing the most recent 400 million years of Earth's evolution, coupled with its geoscience expertise, AI-driven analytics and extensive GIS capabilities, enables the company to provide valuable and actionable insights to support resource discovery and development.
The company's client portfolio is wide-ranging, from governments, municipalities and energy companies to consumer goods and computing services companies, all striving to become energy and minerals self-sufficient and drive towards net zero.
Founded in 1994 Getech is listed on the Alternative Investment Market of the London Stock Exchange ("AIM"), with ticker symbol GTC.
For further information, please visit www.getech.com.