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Getech Wins New Contract worth $600k

Source: www.gulfoilandgas.com 6/30/2014, Location: North America

Getech, the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, announces it has won a new contract with a total value of $600k.

The Company is pleased to announce that, as anticipated, it has signed a contract for delivery from its recently upgraded US gravity dataset at a price of $600k. The data are for immediate delivery and all the income will be recognised in the current financial year.

The US gravity data business, including the earlier version of the dataset, was acquired from Lisle Gravity Inc in December 2008. In 2012 and 2013, in a technically complex project, Getech applied the skills it has acquired over more than twenty years as a leading interpreter of gravity and magnetic data, and reprocessed the entire dataset to generate the current upgraded version. This comprises more than 3.4 million proprietary gravity stations.

Raymond Wolfson, Chief Executive of Getech Group plc, said: "Typical sales from our US gravity dataset tend to be for specific areas of interest to our clients. However, this is the second major sale we have reported out of the dataset. To put it in context, these two sales alone have virtually matched the full acquisition price that we paid for this business."

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