Getech secures funding deal with NatWest

GETECH, the company which specialises in mapping areas targeted for oil exploration, has completed a deal for £1m of funding.

The Leeds-based university spin-out which is listed on the Alternative Investment Market, has agreed the £1m loan facility with NatWest Bank.

Getech, which has customers including oil giants Shell and BP and has the world’s largest commercial library of gravity and magnetic exploration data, said it plans to drawn down the full loan facility over the next few weeks.

Any amount drawn down is repayable over four years, although repayments are deferred for a period of six months from the date of the agreement.

The loan is is secured by a fixed and floating charge over all the company’s assets, including its head office at Elmete Hall in Leeds. Interest on amounts drawn down under the Loan Facility is variable and charged at 1.6% over the London Interbank Offered Rate (LIBOR).

Raymond Wolfson, chief executive of Getech, commented “While we continue to see strong interest in our products and services, we believe it prudent to ensure that cash does not become an issue even if oil company budgets remain tight for an extended period. This loan reflects confidence from our bank in the future of the company, a confidence which I believe is fully justified.”