Fresh sales opportunities for energy resources location business

Leeds-headquartered energy resources locator, Getech, says its diversification has grown its sales pipeline to £9.6m.

The business has today published its unaudited interim results and report for the six months to 30 June 2024, in which it reports revenues of £2.2m (H1 2023: £1.9m), a year-on-year increase of 16%.

Getech made a pre-tax loss of £821,000 (H1 2021: £2.9m pre-tax loss) and notes it has reduced its cost base for the period by 28% to £2.8m (H1 2023: £3.9m).

Post the period end, the firm raised gross proceeds of £1.7m through a Placing and Retail Offer, which added a number of key shareholders to the company’s register.

Michael Covington, chairman, said: “The business is evolving in the right direction. Last year we reset the structure and focus of the company while also substantially reducing our overheads.

“This year, following our recent fundraise, the business is well placed to increase its customer base of exploration companies seeking new discoveries of assets needed for the energy transition.

“To that end, we have an expanding pipeline of potential projects, and we are focused on converting them.”

The business explains subsurface exploration activity has increased substantially in parallel with the global move to deliver a low carbon environment, known as the Energy Transition.

As the owner of the largest database of potential fields data, coupled with the company’s geoscience expertise, Getech adds it is well placed to help exploration companies find these energy resources.

The firm says it has diversified its customer base beyond oil and gas toward exploration companies focused on locating essential natural resources such as critical minerals, geothermal and carbon storage.

It remains the company’s ambition to generate at least half of its revenue from exploration companies focused on locating natural resource discoveries needed to deliver the energy transition. Currently they represent 33% of group revenues, with the balance coming from transitional petroleum.