Derek Fairhead, Managing Director of Getech, said, "This is a significant sale resulting from several months of negotiation and is an example of Getech's successful efforts to establish long-term relationships with major national oil companies."
Getech evolved from a research group headed by Fairhead within the Department of Earth Sciences at the University of Leeds (UK) in the mid-1980s. During the subsequent 15 years, Fairhead completed a number of major industry-supported continental-scale compilations of gravity and magnetic data. In the year 2000, Getech spun out from the University as a separate company and, in 2005, floated on the AIM stock market in London.
Getech is a profitable and cash-generative oil services business specializing in the compilation and analysis of gravity and magnetic data and in evaluating petroleum systems within basins. It licenses these data sets and interpretation reports to major oil, gas and mining companies to enable these companies to evaluate regional geology and thereby assist their exploration strategies. Getech has compiled one of the world's most extensive commercial libraries of gravity and magnetic data and is based at the University of Leeds, with a subsidiary in Houston, Texas, and an active presence in Singapore. Its three principal activities include licensing global gravity and magnetic data, performing integrated basin interpretation studies and services, and evaluating the petroleum systems within basins.
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