GETECH Group plc - $1.28m licence for Russian Arctic Shelf magnetic data products

17 Jul 2012

GETECH, the oil services business specialising in the provision of exploration data and geological exploration studies, is pleased to announce a major further licence from its library of global gravity and magnetic data.

The Company reports that it has now signed a further licence for its Russian Arctic Shelf magnetic data set with a gross sales value of $1.28m. The Russian Arctic Shelf is a major under-explored area which is still in the early stages of exploration for oil and gas due to its harsh climate conditions and high exploration/production costs.

GETECH's Chief Executive Raymond Wolfson, comments "We are very pleased with this third licence from our Russian Arctic Shelf magnetic dataset. In recent years there has been an increase in the number of international oil companies establishing strategic links with Russian companies, which suggests there will be a continuing and active interest in exploration in Russia."

GETECH Group plc
Raymond Wolfson, Chief Executive    Tel: 0113 322 2200      
WH Ireland Limited
Katy Mitchell    Tel: 0161 832 2174      
Walbrook PR
Helen Westaway    Tel: 020 7933 8790
Mob: 07841 917 679