$1.2m licence of US gravity data

RNS Number : 0024B

GETECH Group plc

10 April 2012

 



GETECH Group plc

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

$1.2m licence of US gravity data

GETECH, the oil services business specialising in the provision of exploration data and geological exploration studies, is pleased to announce a major licence of its onshore US gravity data.

In December 2008, the Company acquired the assets of Lisle Gravity Inc, which included a substantial library of onshore US gravity and magnetic data and complemented our existing data holdings. While there has been a stream of licences of various sizes for these data over the period since the acquisition, the Company is now pleased to announce the signature of its largest licence to date, valued at $1.2m. Delivery of the data is planned to take place over the period to December 2012 although a major part will be delivered before the end of July.

Raymond Wolfson, Chief Executive of GETECH, commented "We acquired the business of Lisle Gravity with a view to extending our global coverage of data and establishing a strategic presence in the US domestic market. Gravity and magnetic data are used by oil and gas companies to assist with their exploration programmes and the contract reported here provides further evidence of the value placed by them on our data, particularly in the US domestic market.   We recently transferred the operations of this part of our business from Denver to our existing Houston office and the present contract, along with other positive signals, gives us cause for optimism about the ongoing performance of this part of our business".

Enquiries

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

 

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