Geoscience firm completes £4.3m acquisition

GEOSCIENCE firm Getech has completed the £4.3m purchase of oil and gas consultancy ERCL.

The deal has seen Leeds-based Getech pay £1.75m cash and issue 2.18m shares to four ERCL staff.

Getech specialises in the provision of data, studies and services to the oil, gas and mining exploration sectors.

Huw Edwards received 871,000 shares, which is 2.68% of the issued equity, while the other three – Richard Heath, Steve Lawrence and Chris Irons – each receive 218,000 shares, which is 0.67%. SAER Limited has received 653,000 (2.01%).
    
Mr Edwards, a founding director of ERCL, has today been appointed a director of AIM-listed Getech.