New Russian Marketing Agreeme

RNS Number : 9237W

GETECH Group plc

18 June 2008

 

GETECH Group plc ('GETECH' or 'the Company')

NEW RUSSIAN MARKETING AGREEMENTS FOR GEOSCIENCE DATA

GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce the signing of two new marketing agreements for data and studies covering various regions of the Former Soviet Union. These build on agreements previously announced for the exclusive marketing of the Russian Arctic shelf aeromagnetic data and Russian Arctic base-line environmental geochemical studies. The new agreements relate to:

• Russian Arctic petroleum studies: will generate new oil and source rock geochemistry databases covering four onshore and offshore Arctic basins: Pechora (East Barents), Kara, Laptev and East Siberia Seas. The absence of offshore wells in the last two areas means that these studies will provide some of the only petroleum systems geochemistry data available. 

• Aeromagnetic studies: will generate aeromagnetic data sets covering a range of petroleum basins within the Former Soviet Union which will enable oil companies to regionally evaluate basin geometries, depths to basement and structure to a degree not previously possible.

Professor Derek Fairhead, Executive Chairman commented 'These new agreements build on our successful commercial links initiated two and a half years ago. They expand the range of products we are able to offer over the Russian Arctic shelf and extend our marketing to include aeromagnetic datasets covering important oil basins onshore the Former Soviet Union. These data will allow oil companies to access previously inaccessible geochemical and geophysical data to allow them to better evaluate the petroleum systems and basin architecture. Such Agreements help to reinforce GETECH's position as one of the leading providers of exploration data to the world's oil industry.'

The new datasets resulting from these agreements are planned to become available during the second half of calendar year 2008. 

For further information, please contact:

GETECH Group plc
Derek Fairhead, Executive Chairman	0113 322 2200
Raymond Wolfson, Chief Executive	0113 322 2200
WH Ireland Limited
Richard Lindley	0113 394 6628

 

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