Getech, the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, announces its largest ever single new contract, worth $5 million.
This new proprietary services contract has a gross value of $5 million and will be undertaken by the Company's Commissions division. The contract was awarded by the Angolan National Oil Company, Sonangol, which has responsibility for overseeing and managing the oil and gas exploration and production in the Republic of Angola.
The aim of the project is to generate structural and related interpretations for the geological basins of Angola. The work involves a wide range of Getech's skills including gravity and magnetic data interpretation, structural mapping, plate modelling, depositional modelling, palaeogeographic reconstruction and palaeodrainage analysis. The project will also require the integration of large datasets including seismic and well data in order to generate a well-founded and comprehensive interpretation and framework for future exploration across the region.
The work is due to start immediately and the Company anticipates that most of the income will be recognised in the current financial year. This is an excellent start to the year and gives confidence that the Company will meet the current year market forecasts.
Raymond Wolfson, Chief Executive of Getech Group plc, said: "This contract represents our largest proprietary project to date. Such contracts are only feasible because we have built a large team of geoscientists, many of whom are specialists in the particular disciplines required and who can integrate their disciplines into our Globe exploration platform.
"This is an excellent example of how the Globe framework provides a robust starting point for projects, contributing immediate value to work at a wide range of scales. It is also exactly the type of project that fits the skill base we have built. We have already indicated that we see consultancy and proprietary projects as a growth area and in 2013 set up the Commissions Division to manage and build this business stream. This new contract is an illustration of our future ambitions."
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