Getech secures £400,000 for new licences

Leeds-based Getech, which sells complex geological and geophysical data to oil companies, said the two licences are for its global continental margins gravity and magnetic datasets.

The global continental margin datasets are a part of a library of gravity and magnetic data that Getech has built up over the past 25 years.

This data is used by oil, gas and mining companies to help their exploration programmes.

Getech’s chief executive Raymond Wolfson said: “We are seeing an increased emphasis by our clients on global exploration.

“Our approach has for some time been to develop exploration data and studies at global and regional scales.”

The group is seeing increasing interest in its Global Programmes interpretative data project.

The project, which will take three years to complete, will explain how the geology and geography of an oil basin changes. The data covers the entire globe but the east coast of South America, particularly Brazil, and the west coast of Africa are particularly attracting attention.

“We are extremely pleased with the licences of these datasets and regard this as strong evidence that our global approach is both well-timed and of major interest to our client,” said Mr Wolfson.

In April, Getech said a further three companies have joined its Global Programmes strategic initiative.

Getech said the three new sponsors are major, well-known companies with international interests.

Their initial funding commitment runs through to early 2014.

“Underpinning these Global Programmes is a set of leading edge methodologies and dedicated scientific teams led by our technical director, Dr Paul Markwick, which we believe continues to strengthen our reputation as a leading ‘new ventures’ exploration consultancy,” said Mr Wolfson.

Getech reported a 22 per cent rise in pre-tax profits to £358,000 in the six months to January 31, while revenues surged 20 per cent to £3.2m.

Getech traces its roots back to the University of Leeds’s Department of Earth Sciences, now part of the School of Earth and Environment, when founder Derek Fairhead collected gravity data for Africa in 1986.

The data was computerised to complete Getech’s first study.