Business
Re Contract
Re Contract.
About this update from Getech Group Plc
[{"type":"text","content":"\n GETECH Group plc\n24 January 2007\n\n\n\n\n\nGETECH Group plc\n\n\n\n\n\nGETECH COMMENCES THE MARKETING OF RUSSIAN ARCTIC SHELF AEROMAGNETIC DATA\n\n\n\nGETECH Group plc ('GETECH' or 'the Company'), the oil services business\nspecialising in the provision of exploration data and petroleum systems\nevaluations, is pleased to announce the finalisation of Agreements to permit\nGETECH to commence exclusive marketing of Russian Arctic Shelf aeromagnetic\ndata. These data will help major oil companies evaluate the hydrocarbon\npotential of the Arctic. Several oil majors have expressed strong interest in\nlicensing these data and one has already placed an order totalling £840,000.\n\n\n\nCommenting on this order, Peter Stephens, Chairman of GETECH said:\n\n\n\n'This contract is the culmination of almost two years work. It is our first\nmajor win this year and is typical of the small number of large contracts on\nwhich the company relies to achieve its targets'\n\n\n\nThe enabling Agreements have taken over 18 months to finalise, with initial\nsigning in January 2006 followed in December 2006 by Russian approval to release\nthe data. These Agreements give GETECH exclusive rights to over 850,000 line\nkilometres of flight line aeromagnetic data over the Russian Arctic continental\nshelf. These aeromagnetic products will allow oil and gas companies, to evaluate\nmore effectively the potential of Russia's 6,800 km long northern offshore\ncontinental margin. The data are available to oil companies from April 2007 and\nshould contribute significantly to GETECH's future earnings as Arctic\nexploration increases.\n\n\n\nCommenting on the Agreements, Managing Director of GETECH, Professor Derek\nFairhead said:\n\n\n\n'We are delighted to have signed these Agreements and are now able to implement\nthem. These data form part of a suite of Arctic products that GETECH is making\navailable to international oil companies to allow them to evaluate the\nhydrocarbon potential of the shallow- and deep-water basins of the Arctic\ncontinental shelf. In this way, the Company is playing an important role in\nhelping oil companies access data in one of the world's largest and most\nchallenging exploration frontiers'.\n\n\n\n'Additionally, these data enhance GETECH's position as the holder of one of the\nworld's most extensive commercial archives of gravit...