New oil exploration data agre

RNS Number : 2557Y

GETECH Group plc

20 December 2010

 



GETECH Group plc

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

NEW OIL EXPLORATION DATA AGREEMENTS

GETECH, a leading geosciences business specialising in the provision of data, studies and interpretation services to the oil, gas and mining exploration sectors, announces two significant new data agreements.

The Company is pleased to announce that it has signed a new data marketing agreement with the Geological Survey of Iraq ("GEOSURV"). GEOSURV has all necessary approvals from the Iraqi government to enter into this agreement. Under the agreement GETECH will have exclusive rights to market the existing gravity and magnetic survey data held by GEOSURV. These data provide substantial coverage across the whole of Iraq (excluding Kurdistan where such surveys have not taken place) and represent a major addition to GETECH's global data library. Iraq is currently an area of major exploration interest and the Directors believe that these data will generate significant revenue from 2011.

The execution of the GEOSURV agreement follows another recently signed agreement, in this case with the China Aero Geophysical Survey and Remote Sensing Centre for Resources ("AGRS"). GETECH has a long-standing relationship with AGRS and the new agreement extends this to include the rights for GETECH to market their Tibetan aeromagnetic data.

Commenting on the new agreements, Derek Fairhead, President and Founder of GETECH Group plc,

said:

"These two new agreements provide further evidence of our global reputation and pre-eminence in the field of gravity and magnetic data as used for exploration purposes. We are particularly pleased to have completed the Iraq data agreement as this follows several years of relationship-building and it has been completed at a time when the exploration potential in Iraq is of increasing interest to our clients"

Enquiries

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

 

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