Major licence win for GETECH

OIL services business GETECH has won its largest licence to date, the company has announced.

Leeds-based GETECH, which specialises in the provision of exploration data and geological exploration studies, will deliver its onshore US gravity data in a deal valued at around £750,000 to an unnamed client.

The win follows the acquisition of the assets of Lisle Gravity Inc in 2008, which included a substantial library of onshore US gravity and magnetic data and added to GETECH’s existing data holdings.

Delivery of the data under the deal will take place by December, with the majority of it set to be delivered before the end of July.

Raymond Wolfson, chief executive of GETECH, said: “We acquired the business of Lisle Gravity with a view to extending our global coverage of data and establishing a strategic presence in the US domestic market.

“Gravity and magnetic data are used by oil and gas companies to assist with their exploration programmes and the contract reported here provides further evidence of the value placed by them on our data, particularly in the US domestic market.  

“We recently transferred the operations of this part of our business from Denver to our existing Houston office and the present contract, along with other positive signals, gives us cause for optimism about the ongoing performance of this part of our business.”