Major sale agreement for listed exploration company

Getech, a Leeds-based minerals and oil and gas exploration group, has signed a licence agreement to sell a suite of geology, gravity and magnetic data and knowledge products.

This agreement will generate revenue of US $1m, (£785,000) which will be recognised in the financial year ending 31 December 2019. The delivery of this contract is in line with the company’s financial expectations for the current financial year.

Getech’s chief executive officer, Jonathan Copus, said: “Having delivered significant first half growth in both our order book and our foundation of recurring revenue, our H2 sales and marketing campaigns are positioned to build on this momentum by aligning our high-value data products with our customers’ operational priorities.

“Today’s announcement is therefore a positive and material step along this path.”