Update on Iraq Data Sales

RNS Number : 5345K

GETECH Group plc

18 July 2011

 



GETECH Group plc

("GETECH", "Company" or "Group")

IRAQ DATA SALES FOLLOWING SIGNING OF EXCLUSIVE MARKETING AGREEMENTS

GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce an update on sales of the Iraq gravity and aeromagnetic data. This follows the signing of an exclusive marketing agreement in Erbil with the Geological Survey of Iraq, announced on 20 December 2010.

The full reprocessed and integrated data sets have been available for general sale to the oil industry since the end of June 2011, and a major order in excess of $500,000 has now been received. This order, together with early smaller sales, has brought the gross revenue from Iraq data sales since December 2010, to more than $750,000.

Iraq is reported to have the fourth largest oil reserves in the world, and is an area of substantial exploration interest. The ground based gravity data (116,565 stations) and the aeromagnetic data (184,000 flight line km) will enable oil companies, for the first time, to have access to these important exploration datasets which will significantly help their regional and detailed evaluation of sedimentary basin geometries, depths to basement and structure, to a degree not previously possible.

Professor Derek Fairhead, President and Founder of GETECH, who has been at the forefront of negotiations with Iraq commented "The agreements that were signed in December 2010 took GETECH more than 5 years to complete. We believe the immediate interest in these data and subsequent confirmed sales reflect the strong international interest both in oil exploration in Iraq and in the data we are able to provide.  Thus we have grounds to believe that there will be substantial revenue generated from these data in the coming months."

Enquiries

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

 

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