Getech to Market Russian Arctic Shelf Data
Getech Group plc has finalized agreements that will permit it to commence exclusive marketing of Russian Arctic Shelf aeromagnetic data. These data will help major oil companies evaluate the hydrocarbon potential of the Arctic. Several oil majors have expressed strong interest in licensing these data and one has already placed an order totaling £840,000.
Commenting on this order, Peter Stephens, Chairman of Getech said:
"This contract is the culmination of almost two years work. It is our first major win this year and is typical of the small number of large contracts on which the company relies to achieve its targets"
The enabling Agreements have taken over 18 months to finalize, with initial signing in January 2006 followed in December 2006 by Russian approval to release the data. These Agreements give Getech exclusive rights to over 850,000 line kilometers of flight line aeromagnetic data over the Russian Arctic continental shelf. These aeromagnetic products will allow oil and gas companies, to evaluate more effectively the potential of Russia's 6,800 km long northern offshore continental margin. The data are available to oil companies from April 2007 and should contribute significantly to Getech's future earnings as Arctic exploration increases.
Commenting on the Agreements, Managing Director of Getech, Professor Derek Fairhead said:
"We are delighted to have signed these Agreements and are now able to implement them. These data form part of a suite of Arctic products that Getech is making available to international oil companies to allow them to evaluate the hydrocarbon potential of the shallow- and deep-water basins of the Arctic continental shelf. In this way, the Company is playing an important role in helping oil companies access data in one of the world's largest and most challenging exploration frontiers.
"Additionally, these data enhance Getech's position as the holder of one of the world's most extensive commercial archives of gravity and magnetic data."