First 2011 sale of Russian aeromagnetic products

RNS Number : 2869I

GETECH Group plc

13 June 2011

 



GETECH Group plc

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

RUSSIAN SUCCESS: FIRST SALE OF AEROMAGNETIC PRODUCTS IN 2011 SECURED

GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce the first sale in 2011 of Russian aeromagnetic products.

GETECH is permitted to exclusively market these Russian aeromagnetic and associated interpretation products.  

With the oil price relatively stable in the region of $100 per barrel, several major oil companies are now making enquiries about Russian products. The first of these, from a major North American oil company, resulted in a purchase priced at US$330,000 (a proportion of which is remitted to the supplier of the products).

Professor Derek Fairhead, President and Founder of GETECH commented "I believe this first sale in 2011 reflects the increased international interest in exploration activity in this relatively stable part of the world.  This agreement, together with the exclusive marketing agreement for Iraq data (announced on 20 December 2010), reinforces GETECH's position as one of the leading providers of exploration data to the world's oil industry."

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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