Further sale of Global Programmes

RNS Number : 3279J

GETECH Group plc

06 August 2012

 



GETECH Group plc

("GETECH" or the "Company")

Further sale of Global Programmes

GETECH, the oil services business specialising in the provision of exploration data and geological exploration studies, announces a further sale of its Global Programmes.

GETECH announced in April that it anticipated signing a number of further clients for its Global Programmes in the near future. A further agreement has now been completed bringing the total number of clients who have made a full commitment to six. The Global Programmes include a variety of deliverables, some of which have already been purchased in part by clients.  The price paid by new sponsors therefore varies depending on which elements have already been purchased, but the contract being reported on here is worth in excess of £0.5m.

The Global Programmes is a major strategic initiative in which the Company has been investing over recent years. The sponsors, which are major, well known companies with international interests, fund a three year programme of work, of which the first year's work was completed earlier this year. Their initial funding commitment runs through until mid 2014.

The aim of the Global Programmes is to provide exploration teams in oil and gas companies with a robust and constantly updated platform which supports their understanding, investigation and risking of new areas of interest. The Global Programmes encompass a range of products that build on GETECH's traditional strengths in potential field geophysics as well as our unique global plate model and palaeogeographic mapping techniques. These provide insights into the shape and evolution of sedimentary basins, and the geographic context of the deposition within those basins; this includes reconstructions of past rivers, landscapes and sediment distributions. The palaeogeographies will then be used as the boundary conditions for state-of-the-art palaeoclimate, ocean and tide modelling.

GETECH's Chief Executive, Raymond Wolfson, commented, "While we had anticipated further contracts in the short term, it is nevertheless very satisfying when they are confirmed. Each new commitment is significant for us and continues to reinforce the momentum that we perceive to be building around our Global Programmes. This further sale will provide a strong start to the new financial year and helps provide improved visibility of income."

Enquiries

GETECH Group plc Raymond Wolfson, Chief Executive	Tel:  [phone]
WH Ireland Limited Katy Mitchell	Tel:  [phone]
Walbrook PR Helen Westaway	Tel:  [phone] Mob: [phone] [e-mail]

 

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