Multi-satellite project funding now exceeds ?1m

RNS Number : 4040M

GETECH Group plc

16 July 2014

 



Getech Group plc

("Getech" or the "Company")

Multi-satellite project funding now exceeds £1m

Getech (AIM: GTC), the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce that it has now signed further clients to fund its new global multi-satellite gravity project.

In July 2013, the Company announced that it had funding in excess of £500k to commence a global roll-out of the CryoSat pilot study. This pilot project aimed to develop and demonstrate methodologies to improve the exploration value of satellite gravity data by combining new data from CryoSat-2 with existing data. The Company is now pleased to announce that additional sponsors of the global project have brought the total funding to more than £1m. This project is due to run over a three year period to June 2016, with the majority of this income to be recognised over the next two financial years.

Getech's Chief Executive, Raymond Wolfson, commented "We now have six sponsors for the global roll-out of this project. Based on over twenty years of satellite altimetry processing we have developed methods to combine data from multiple satellites to provide increased resolution gravity data over marine areas. This adds significant value to geological interpretation using the data and therefore benefits hydrocarbon exploration."

Enquiries:

Getech Group plc Raymond Wolfson, Chief Executive	Tel:  [phone]
WH Ireland Limited Katy Mitchell	Tel:  [phone]
Walbrook PR Helen Cresswell Paul Cornelius	Tel:  [phone] or [e-mail] Mob: [phone] Mob: [phone]

 

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