GETECH to study ancient African site
GETECH, the Leeds-based geoscience service company, announced today that it has started two new studies in one of Africa’s oldest frontier basins.
The company specialises in providing gravity and magnetic data and related management and interpretation services to the international and mining exploration industry.
Executive chairman Professor Derek Fairhead said the studies of the Taoudenni basin were currently attracting considerable interest from oil companies and that much of the technology and data used to explore the site is exclusive to GETECH.
The basin is located in Mauritania and Mali and contains Proterozoic and Palaeozoic age source rocks and the study represents the first stage in the exploration process before drilling can begin.
Mr Fairhead, said: “The commencement of these two studies this month is important to GETECH in that it demonstrates how the company is developing its international range of non-exclusive products as well as undertaking proprietary studies for key players (oil companies) exploring the region. Such studies follow the recent success of our South East Asia petroleum systems studies which continue to develop with the commencement of a further non-exclusive study covering offshore South East China which is due for completion in the fourth quarter of calendar year 2008.”
In a separate announcement GTECH announced the signing of two new marketing agreements for data and studies covering various regions of the Former Soviet Union.
Earlier this year it announced the publication of an environmental baseline study in the Russian Arctic.
The study, developed from geochemical sea bed data, will enable oil firms to establish the environmental state of areas of interest prior to any exploration and extraction.
Mr Fairhead added: “These new agreements build on our successful commercial links initiated two and a half years ago. They expand the range of products we are able to offer over the Russian Arctic shelf and extend our marketing to include aeromagnetic datasets covering important oil basins onshore the Former Soviet Union. These data will allow oil companies to access previously inaccessible geochemical and geophysical data to allow them to better evaluate the petroleum systems and basin architecture. Such Agreements help to reinforce GETECH’s position as one of the leading providers of exploration data to the world’s oil industry.”
GETECH started in 1986 as a research group at the University of Leeds, which compiled gravity data for Africa, supported by international oil and mining company sponsors. GETECH spun-out from the university in 2000 and floated on the Alternative Investment Market (AIM) five years later. The proposed final dividend is 0.8p per share, bringing the total for the year to 1.2p.
In 2000 it was officially formed as a university spin-out and floated on the London Stock Exchange five years later.
It employs more than 20 people plus independent consultants worldwide and has offices in Leeds, Houston in Texas and Singapore.
