Getech wins new contracts
GETECH, the company which specialises in mapping areas targeted for oil exploration, has won new contracts from a major oil company for its geological studies.
The Leeds-based company said that the deal, for five of its geological studies covering India, China and South East Asia, is worth £290,000 and comes as many major oil companies are cutting back on investment.
Chief executive Raymond Wolfson, said: “We are very pleased with these purchases, which come at a time when oil company budgets are still being cut or frozen. This provides further recognition of the very positive way that the company’s skills and exploration studies are being viewed by our clients”
Getech, which has customers including oil giants Shell and BP, acquired US company Lisle, which owns a substantial propietary gravity database for the USA, last year.
Getech was the first Leeds University spin-out firm to float on the Alternative Investment Market and has the world’s largest commercial library of gravity and magnetic exploration data.
