Year 2007 London Stock Exchange stories
GETECH to exclusively market Russian Arctic Shelf aeromagnetic data
Oil services company Getech Group PLC said it finalised agreements to start exclusive marketing of Russian Arctic Shelf aeromagnetic data and has already won a licensing order totalling 840,000 stg.
"This contract is the culmination of almost two years work. It is our first major win this year," said chairman Peter Stephens.
The data, which will be available to oil companies from April to evaluate the hydrocarbon potential of the Arctic, should "significantly" add to Getech's earnings as Arctic exploration increases, the company said in a statement.
It said several oil majors have expressed strong interest in licensing these data.
The deal gives Getech exclusive rights to over 850,000 line kilometres of flight line aeromagnetic data over the Russian Arctic continental shelf.
UK smallcap opening - Getech lifted as Russian deal finalised
Finalisation of a Russian deal lifted Getech Group 3 pence to 46-1/2. The oil
services business has finalised agreements permitting it to commence exclusive
marketing of Russian Arctic Shelf aeromagnetic data.
These data will help major oil companies evaluate the hydrocarbon
potential of the Arctic. Several oil majors have expressed strong interest in
licensing these data and one has already placed an order totalling 840,000 stg.
GETECH Group plc - Re Contract
GETECH COMMENCES THE MARKETING OF RUSSIAN ARCTIC SHELF AEROMAGNETIC DATA
GETECH Group plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce the finalisation of Agreements to permit GETECH to commence exclusive marketing of Russian Arctic Shelf aeromagnetic data. These data will help major oil companies evaluate the hydrocarbon potential of the Arctic. Several oil majors have expressed strong interest in licensing these data and one has already placed an order totalling #840,000.
Commenting on this order, Peter Stephens, Chairman of GETECH said:
"This contract is the culmination of almost two years work. It is our first major win this year and is typical of the small number of large contracts on which the company relies to achieve its targets"
The enabling Agreements have taken over 18 months to finalise, with initial signing in January 2006 followed in December 2006 by Russian approval to release the data. These Agreements give GETECH exclusive rights to over 850,000 line kilometres of flight line aeromagnetic data over the Russian Arctic continental shelf. These aeromagnetic products will allow oil and gas companies, to evaluate more effectively the potential of Russia's 6,800 km long northern offshore continental margin. The data are available to oil companies from April 2007 and should contribute significantly to GETECH's future earnings as Arctic exploration increases.
Commenting on the Agreements, Managing Director of GETECH, Professor Derek Fairhead said:
"We are delighted to have signed these Agreements and are now able to implement them. These data form part of a suite of Arctic products that GETECH is making available to international oil companies to allow them to evaluate the hydrocarbon potential of the shallow- and deep-water basins of the Arctic continental shelf. In this way, the Company is playing an important role in helping oil companies access data in one of the world's largest and most challenging exploration frontiers".
"Additionally, these data enhance GETECH's position as the holder of one of the world's most extensive commercial archives of gravity and magnetic data".
Notifiable Interest
The Company received notification on 26 January 2007 that AXA S.A and its group companies has a notifiable interest in the ordinary shares of the Company of 925,000 shares, representing 3.34% of the current issued share capital of the Company. This notification includes a disclosure on behalf of the following investment trust company which holds the notifiable interest: Framlington AIM VCT (3.34%).
Back to top05-03-07
Results date and trading update
GETECH Group plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, will announce its interim financial results on 29 March 2007.
The Company is currently trading below market expectations. As previously noted, the Company is dependent on winning a small number of large contracts in order to achieve its targets. As announced on 24 January the Company has received its first order for Russian Arctic Shelf aeromagnetic data and the majority of revenues for this are expected in the second half of the year. The Company is also in discussions with a number of other oil majors, who have expressed a strong interest in licensing the Company’s Arctic data products. The Company’s dependence on a small number of additional major sales is such that while the Directors do not rule out the possibility of achieving the market expectations for the year as a whole, their current best estimate is that the Company will fall short of this performance.
PSEG has made good progress in recent months. Three commissioned projects have now been completed, three sponsored studies are nearing completion and a further three sponsored studies are currently in progress. It is expected that these studies, when completed, will offer re-selling opportunities to new customers. These opportunities will commence in earnest at an important international conference in April.
05-03-07
Getech says trading below mkt estimates; sees FY falling short of hopes
Getech Group PLC said it is trading below market forecasts and expects its full-year performance to fall short of consensus estimates.
The oil services business said it expects the majority of revenues from the first order for its Russian Arctic Shelf aeromagnetic data to be booked in the second half.
Getech noted that, due to its dependence on winning a small number of large contracts to achieve its targets, it does not rule out the possibility of achieving market expectations for the full year, but its current best estimate is that it will fall short of this performance.
It is currently in talks with a number of oil majors for its Arctic data products, it added.
The company will announce its interim results on March 29.
Back to topInterim Results
GETECH Group plc
INTERIM RESULTS
For the six months to 31 January 2007
The Board of GETECH Group plc is pleased to announce the Interim Results for the six month period ended 31 January 2007.
For further information, please contact:
GETECH Group Plc www.getech.com
Derek Fairhead,
Managing Director
0113 322 2200
Colin Glass,
Finance Director
07831 258494
Teather & Greenwood
020 7426 9000
Rob Naylor
Buchanan Communications
01943 883990
Eric Burns/Alastair Watson,
Chairman’s Statement
I report the results of GETECH Group plc (“GETECH” or “the Company”), the oil services business specialising in the provision and interpretation of exploration data and petroleum systems evaluations, for the six months ended 31 January 2007.
Results
Whilst your Board has strong confidence in the longer term performance of the Company, the half year results were nevertheless disappointing. The Company reported a loss before tax of £21,214 (six months ended 31 January 2006: profit £430,843) after interest receivable of £91,940 (six months ended 31 January 2006: £59,121) on a turnover of £825,811 (six months ended 31 January 2006: £1,636,082). The post tax loss was £36,214 (six months ended 31 January 2006: profit £301,843) giving a loss per share of 0.13p (six months ended 31 January 2006: profit per share of 1.09p).
The figures include the adoption of Financial Reporting Standard 20 ‘Share Based Payment’ in respect of the amortised cost of share option schemes. This has reduced the profit of the six months previously reported to 31 January 2006 by £17,000 and the year ended 31 July 2006 by £38,000.
Dividend
Your Board is confident of the medium and long-term future for the Company and intends to pay a dividend of 0.4p per share, costing £110,769, on 8 May 2007 to shareholders registered on 10 April 2007.
Business Review
As previously reported on 24 January 2007, the agreement permitting GETECH to commence exclusive marketing of the Russian Arctic Shelf aeromagnetic data was signed in December 2006 and the first order for this data set (£840,000) was signed in January 2007.The revenue from this sale will be taken into the accounts in the second half of the financial year once the deliverable product has been generated. This order resulted from one of several discussions with oil majors and we are reasonably optimistic that at least one more sale of these data will be made in the second half of the current financial year.
Generally, the demand for the Company’s data and services remains strong but your Board is fully aware of the dependence on winning a small number of large contracts to achieve its revenue targets. This situation should ease as the Petroleum Systems Evaluation Group (“PSEG”) continues to increase the number of off-the-shelf products available for sale. Currently, three studies have been completed, whilst a further three are in progress of which one should be completed before the financial year end. These studies are in addition to three proprietary projects, commissioned by oil companies, already completed by PSEG.
We believe that sales of existing data, the continuous acquisition of new data and the growth of PSEG will continue to underpin the profitability of the Company. By building upon our inherent strengths and with a medium to long-term strategy of synergistic acquisitions, we intend to ensure a sound platform for the growth of GETECH.
Premises
The Company has now successfully relocated to larger and more appropriate premises, with minimal disruption, and we are already noticing the benefits of superior working conditions on the morale and efficiency of our team, whilst providing an environment which is more attractive to potential new staff.
Outlook
We continue to have a first class reputation as a supplier and interpreter of gravity and magnetic data to oil, gas and mineral companies worldwide and our reputation for petroleum systems studies is growing such that your Board is optimistic for the future of the Company.
Peter Stephens
Chairman
29 March 2007
FULL RESULTS BELOW
NOTES TO THE INTERIM REPORT
For the six months ended 31 January 2007
| 1 | The figures for the six months ended 31 January 2007 and 31 January 2006 are unaudited. The financial information shown in the publication does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. |
| 2 | The interim financial statements have been prepared on the same basis and using the same accounting policies as used in the full financial statements for the year ended 31 July 2006, except for the adoption of FRS 20 ‘Share Based Payment’. Prior period figures have been restated as appropriate. The interim financial statements, which have been neither audited nor reviewed by the Company’s auditors, have been approved by the Board. |
| 3 | Taxation has been provided at the estimated effective rate of 30% for the year as a whole (2006: 30.5%). |
| 4 | Basic earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average of ordinary shares in issue in the period (six months ended 31 January 2007: 27,692,307, year ended 31 July 2006: 26,575,666 and six months ended 31 January 2006: 25,477,232). |
| 5 | Diluted earnings per share is calculated on the basis of the profit for the year after tax, divided by the weighted average number of shares in issue plus the weighted average number of shares which would be issued if all options granted were exercised. The addition to the weighted average number of ordinary shares used in the calculation of diluted earnings per share for the six months ended 31 January 2007 is Nil (year ended 31 July 2006: Nil, and six months ended 31 January 2006: Nil). |
| 6 | Adjusted earnings per share is calculated as if all 27,692,307 shares in issue at 31 January 2007 had been in issue for the whole of the period (six months ended 31 January 2007: (0.13)p, year ended 31 July 2006: 2.51p, and six months ended 31 January 2006: 1.09p). |
| 7 | Earnings per share have been restated as a result of the adoption of FRS 20 ‘Share Based Payment’, see Note 2 above. The figures previously reported were: year ended 31 July 2006: basic 2.76p, diluted 2.76p, adjusted 2.65p and six months ended 31 January 2006: basic 1.25p, diluted 1.25p, adjusted 1.15p. |
| 8 | a dividend of 0.4p per share (2006: 0.4p) has been recommended and is payable on 8 May 2007 to members on the register at 10 April 2007. |
| 9 | This statement is being sent to the shareholders of the Company and will be available at the Company’s registered office at Convention House, St. Mary’s Street, Leeds LS9 7DP. |
Getech slips to H1 loss, says very confident about long-term performance
GETECH Group PLC slipped to a first-half pretax loss as sales fell, but said it has strong confidence about its longer-term performance.
It added that its medium and long-term confidence leads it to declare a 0.4 pence dividend.
The company, which helps interpret oil industry data, reported a pretax loss of 21,000 stg for the six months to Jan 31 compared with a profit of 431,000 stg the year earlier, as turnover fell to 826,000 stg from 1.64 mln.
Getech reiterated it will exclusively market survey data from the Russian Arctic Shelf, and revenue from the first sale will be included in the second-half results. 'We are reasonably optimistic that at least one more sale of these data will be made in the second half of the current financial year,' Getech added.
Directors Share Purchase
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Peter Stephens, the Company's Chairman, purchased 100,000 ordinary shares of 0.25p each in the Company on 29 March 2007 at a price of 31.5p per share.
Peter Stephens’ resultant shareholding is 642,718 ordinary shares of 0.25p, equivalent to 2.3 per cent. of the Company's issued share capital.
Getech chairman Stephens buys 100,000 shares, ups stake to 2.3 pct
Getech Group PLC, the oil services company, said chairman Peter Stephens bought 100,000 shares at 31.5 pence each, lifting his stake to 642,718 shares, or 2.3 pct of the company.
Re Agreement
GETECH Group plc
Signs licence agreement with Petronas
GETECH Group plc (“GETECH”), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Petronas Carigali Sdn Bhd, the exploration arm of the Malaysian national oil company, has licensed from GETECH a global gravity database to assist with its worldwide exploration programme. The database comprises a compilation of GETECH's major continental-scale projects and its unique satellite gravity dataset of the Earth’s continental margins.
Commenting on this agreement, Professor Derek Fairhead, Managing Director of GETECH said:
“This is a significant sale resulting from several months of negotiation and is an example of GETECH's successful efforts to establish long-term relationships with major National Oil Companies (NOCs).”
Getech licenses global database to Petronas unit for exploration programme
LONDON (Thomson Financial) - Oil industry data provider Getech Group PLC said its global gravity database has been licensed to Petronas Carigali Sdn Bhd, the exploration arm of the Malaysian national oil company Petronas, to assist with its worldwide exploration programme.
The database will comprise a compilation of Getech's major continental-scale projects and its unique satellite gravity data set of the earth's continental margins, the company said in a statement.
Directorate Change
New appointments
GETECH Group plc (“GETECH” or “the Company”), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce the appointment of Raymond Wolfson, a Non-Executive Director of the Company, as Chief Executive Officer. Mr Wolfson, aged 53, a Chartered Accountant, has been involved with the commercialisation of university skills and intellectual property since 1991, most recently as Director of Commercialisation Services at the University of Leeds but formerly as Financial Director and then Investment Director in the University’s technology transfer company. He has been associated with GETECH since 1992 and has been a Non-Executive Director since 2000 when GETECH spun-out as a separate company.
Mr Wolfson, who will join the Company as a full-time executive on 5 November 2007, complements the current management team in providing a broad experience of management, commercial and financial operations in growing, technology-based companies. In addition, his experience of corporate strategy is expected to provide an accelerator for the Company’s growth plans.
In conjunction with this appointment, Professor Derek Fairhead, the founder and Managing Director of GETECH, will take on the new role of Executive Chairman when Mr Wolfson joins the Company as a full-time executive.
The Board believes that together these appointments will enable the Company both to drive forward its commercial strategy and to consolidate its present operations. Commenting on these appointments, Peter Stephens, Non-Executive Chairman of GETECH, said:
“We are delighted to have been able to appoint Raymond Wolfson to this role. With his general business and financial experience, and his long-standing knowledge of GETECH in particular, we believe that he and Professor Fairhead, in his new role, will provide the focus for a strong team capable of delivering our strategy for growth.”
NOTES:
1. Mr Wolfson is currently a director of:
Getech
Group plc
Media Innovations Limited
Evidence Limited
University of Leeds IP
Limited
Precision Proteins Limited
Gelectrix
Limited
Gluco
Technology Limited Leeds Antenatal Screening
Services Limited
2. Mr Wolfson was previously a director of:
Spinpenny
Limited
University of Leeds
Innovations Limited
Bloodhound Sensors Limited
Aqua Enviro Limited
Rock Deformation Research
Limited
Ecertec
Limited
Instrumentel
Limited
Structure Vision Limited
Mr Wolfson holds no other directorships and there are no other matters requiring disclosure under paragraph (g) of Schedule 2 of the AIM Rules.
Getech names Raymond Wolfson CEO, Derek Fairhead exec chairman from Nov 5
LONDON (Thomson Financial) - Oil industry data provider GETECH Group PLC said it has appointed Raymond Wolfson, a non-executive director, as its new chief executive effective Nov 5.
The company said its founder and managing director Derek Fairhead has been appointed as the new executive chairman, also effective Nov 5.
AIM Rule 26 and Adviser Name
AIM Rule 26 compliant website and change of adviser name
The Company today announces that the information required by Rule 26 of the AIM Rules for Companies (February 2007) is available on the Company's website at www.getech.com.
The Company today also announces that, following its change of name from Teather & Greenwood Limited to Landsbanki Securities (UK) Limited with effect from 9 August 2007, the name of the Company’s nominated adviser and broker has changed to Landsbanki Securities (UK) Limited.
Director Share Purchase
GETECH Group Plc (AIM:GTC), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Professor Derek Fairhead, the Company’s Managing Director, today purchased 90,000 ordinary shares of 0.25p each in the Company at a price of 32p per share.
Further to this transaction Professor Fairhead is interested in 8,890,936 ordinary shares, equivalent to 32.11 per cent. of the Company's issued share capital.
Grant of options
The Company today announces, following a recommendation from the Company's Remuneration Committee, the grant of options to Raymond Wolfson, a Non-Executive Director of the Company. The grant is in conjunction with Mr Wolfson’s forthcoming appointment to Chief Executive Officer of the Company, as announced on 24 July 2007.
The Company's Remuneration Committee, excluding Mr Wolfson himself, has recommended that Mr Wolfson be granted options over ordinary shares of 0.25 pence each ("Ordinary Shares"), as follows:
| Number of options | Exercise price | Date upon which options can be exercised |
| 200,000 | 35p | 5 November 2008 |
| 400,000 | 55p | 5 November 2010 |
Mr Wolfson held 102,128 options before this grant.
Following the issue of the new options, as set out above, the total number of shares under option in the Company is 2,174,474 ordinary shares, representing 7.85 per cent. of the current issued share capital of the Company.
Notes: For the avoidance of doubt the Remuneration Committee of the Company comprises Peter Stephens, David Roberts and Raymond Wolfson.
Board Changes
GETECH Group plc (“GETECH” or “the Company”), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce that, on 20 September 2007, Dr Paul J Markwick was appointed to the Board as Geological Director. In addition, Dr Chris Green has resigned as a Director and has taken up a part time position in GETECH in order to undertake a period of study at the University of Leeds to gain additional skills.
The Board would particularly like to thank Dr Green for his very significant contribution to the Company since its inception, and for agreeing to work with the Company during his period of study.
Dr Markwick (43) joined the Company in 2004 and took over the management of the Petroleum Systems Evaluation Group (PSEG) in 2006. He has demonstrated a strong all-round ability in addition to his technical skills, and this has been exemplified by the successful development of the PSEG under his management. The Company is confident that this appointment will add value to the Board and assist it in developing and implementing its strategies for growth.
There are no further disclosures to be made in accordance with paragraph (g) of Schedule 2 of the AIM Rules for Companies.
GETECH Group FY pretax falls to 805,399 stg from 972,013 stg
LONDON (Thomson Financial) - Oil industry data provider GETECH Group PLC said first-half pretax profit fell to 805,399 stg against a restated 972,013 stg on higher administrative costs, but said it looks forward to the future with confidence with progress across all areas of activity.
The company declared a final dividend of 0.8 pence a share, taking the total for the year to 1.2 pence.
It said revenues for the first half to end-July increased to 3.56 mln stg from last year's restated 3.22 mln stg. Administrative costs rose to 1.94 mln stg from 1.61 mln stg.
GETECH said it achieved one full sale, of over 1 mln stg, of the Russian Artic magnetic data to a major international oil company, adding that it is confident the current year will bring further sales of data sets.
Director/PDMR Shareholding
Director Share Transfer
GETECH Group Plc (AIM:GTC), the oil services business specialising in
the provision of exploration data and petroleum systems evaluations,
announces that Professor Derek Fairhead, the Company's Managing
Director, yesterday transferred 3,000,000 ordinary shares of 0.25p each
in the Company for nil consideration to his wife.
Further to this transaction Professor Fairhead continues to be
interested, as defined by the AIM Rules, in 8,890,936 ordinary shares,
equivalent to 32.11 per cent. of the Company's issued share capital.
Director/PDMR Shareholding
Director Share Transfers
GETECH Group Plc (AIM:GTC), the oil services business specialising in
the provision of exploration data and petroleum systems evaluations,
announces that Ian Somerton, the Company's Marketing Director, yesterday
transferred 400,000 ordinary shares of 0.25p each in the Company for nil
consideration to his wife.
Further to this transaction Mr. Somerton continues to be interested, as
defined by the AIM Rules, in 701,910 ordinary shares, equivalent to 2.5
per cent. of the Company's issued share capital.
The Company also announces that Dr. Chris Green, the Company's former
Technical Director, yesterday transferred 1,500,000 ordinary shares of
0.25p each in the Company for nil consideration to his wife.
Further to this transaction Dr. Green continues to be interested, as
defined by the AIM Rules, in 1,797,080 ordinary shares, equivalent to
6.5 per cent. of the Company's issued share capital.
Director/PDMR Shareholding
Director’s Dealings
GETECH Group Plc (GTC:AIM), the oil services business specialising in
the provision of exploration data and petroleum systems evaluations,
announces that Peter Stephens, the Company's Non-Executive Chairman,
today purchased 70,000 ordinary shares of 0.25 pence each in the Company
at a price of 30 pence per share.
Further to this transaction Mr. Stephens is interested in 712,718
ordinary shares, equivalent to 2.6 per cent. of the Company's issued
share capital.
Grant of Options
GETECH Group Plc (GTC:AIM), the oil services business specialising in
the provision of exploration data and petroleum systems evaluations,
announces, following a recommendation from the Company's Remuneration
Committee, the grant of options to Raymond Wolfson, Chief Executive
Officer, under the Company’s EMI share option scheme.
The Company's Remuneration Committee, excluding Mr Wolfson himself, has
recommended that Mr Wolfson be granted options over ordinary shares of
0.25 pence each ("Ordinary Shares"), as follows:
| Number of options | Exercise price | Date upon which options can be exercised |
| 300,000 | 45p | November 2009 |
Mr Wolfson held 702,128 options before this grant.
Following the issue of the new options, as set out above, the total
number of shares under option in the Company is 2,474,474 ordinary
shares, representing 8.9 per cent. of the current issued share capital
of the Company.
Notes: For the avoidance of doubt, the Remuneration Committee of the
Company at the time Mr. Wolfson’s share option package was agreed
comprised Peter Stephens, David Roberts and Raymond Wolfson. Since his
appointment as Chief Executive Officer, Mr Wolfson is no longer a member
of the Remuneration Committee.
Grant of Options - Correction
GETECH Group plc (GTC:AIM) advises that the following replaces the
“Grant of Options” announcement released on 16 November 2007 at 10:06
under RNS number 8773H. The announcement should have stated that,
following the issue of the new options, the total number of shares under
option in the Company is 2,372,346 ordinary shares, representing 8.6 per
cent. of the current issued share capital of the Company. The full
amended text appears below.
Grant of Options
GETECH Group plc (GTC:AIM), the oil services business specialising in
the provision of exploration data and petroleum systems evaluations,
announces, following a recommendation from the Company's Remuneration
Committee, the grant of options to Raymond Wolfson, Chief Executive
Officer, under the Company’s EMI share option scheme.
The Company's Remuneration Committee, excluding Mr Wolfson himself, has
recommended that Mr Wolfson be granted options over ordinary shares of
0.25 pence each ("Ordinary Shares"), as follows:
| Number of options | Exercise price | Date upon which options can be exercised |
| 300,000 | 45p | 5 November 2009 |
Mr Wolfson held 702,128 options before this grant.
Following the issue of the new options, as set out above, the total
number of shares under option in the Company is 2,372,346 ordinary
shares, representing 8.6 per cent. of the current issued share capital
of the Company.
Notes: For the avoidance of doubt, the Remuneration Committee of the
Company at the time Mr. Wolfson’s share option package was agreed
comprised Peter Stephens, David Roberts and Raymond Wolfson. Since his
appointment as Chief Executive Officer, Mr Wolfson is no longer a member
of the Remuneration Committee.
Trading Statement for AGM
GETECH Group plc
Trading statement for AGM
In our latest accounts for the year ended 31 July 2007 we reported a
healthy profit before tax of £805,399 on turnover of £3,561,159 despite
reporting a small loss at the half year. Trading in the first three
months of our year is ahead of last year and we look forward to the rest
of the year with confidence.
You have now seen our new offices and we hope you will agree that these
offer an attractive environment for our staff, who are ultimately our
main asset. Recruitment and retention of high quality staff is an
essential part of our strategy.
Overall, interest and activity in all areas of our business remain
strong, and we are of the opinion that we will have a further good year
in 2007/8.
* The Board is actively considering using its powers to buy back shares.
* I also note that all resolutions were duly passed
Peter Stephens
Non-executive Chairman
GETECH Group plc
29 November 2007
GETECH says Q1 trading ahead of last yr, confident for rest of yr
LONDON (Thomson Financial) - Getech Group PLC said trading in the
first quarter is ahead of last year and that it looks forward to the
rest of the year with confidence.
The company said interest and activity remains strong in all areas of
its business.
It added it is actively considering a possible buyback of shares.
TFN.newsdesk@thomson.com
Contract
GETECH Group plc ("GETECH" or "the Company"), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce a further licence of the Russian Arctic Shelf aeromagnetic data to a major oil company at a price close to £900,000.
Commenting on this order, Peter Stephens, non-executive Chairman of GETECH said:
"While we had anticipated a sale this year, the nature of these large licences means there was no certainty as to a successful close or the timing and we are very pleased to be able to confirm it now. We continue to look forward to future trading with confidence. This agreement follows many months of work by Professor Fairhead – the founder of GETECH - and his team, and is a great credit to their efforts”
As previously reported, GETECH has exclusive rights to over 850,000 line kilometres of flight line aeromagnetic data over the Russian Arctic continental shelf. These aeromagnetic products will allow oil and gas companies to evaluate more effectively the potential of Russia's 6,800 km long northern offshore continental margin. This represents the second major licence of the data.
GETECH announces Russian Arctic shelf data licence to oil major
LONDON (Thomson Financial) - Oil services company GETECH Group PLC said it won a licence to provide aeromagnetic data of the Russian Arctic Shelf to a major oil company for about 900,000 stg.
'While we had anticipated a sale this year, the nature of these large licences means there was no certainty as to a successful close or the timing and we are very pleased to be able to confirm it now,' said non-executive Chairman of GETECH Peter Stephens said.
GETECH has exclusive rights to over 850,000 kilometres of aeromagnetic data over the Russian Arctic continental shelf.