Getech makes 'significant sale' of geoscience data

The AIM-traded firm said the sale had a value of $0.54m (£0.39m), which was expected to be fully recognised in the current financial year.

Getech said it was continuing to trade in line with current market expectations for the 2021 financial year.

“As energy prices have recovered across the first half of 2021, we have seen a progressive reopening of the geoscience data market as energy companies resume their exploration and development activities,” said chief executive officer Jonathan Copus.

“Getech's geoscience data, which includes gravity and magnetic data that we have gathered over decades, are a unique and proprietary resource that underpin our knowledge and analytic products and services.

“Our geoscience and geospatial experts help energy companies use this data to make informed decisions about the location and optimal development of natural resources.”

To support the energy transition objectives of its customers, Copus said the firm’s staff were engaged in continuous development to increase the analytical and knowledge functions for low-carbon industries, including geothermal, hydrogen, carbon capture and storage, and strategic minerals.

“We expect increased demand for our geoscience data, software and analytic products as both existing energy and natural resource customers and new customers work to decarbonise the energy sector.”

At 0849 BST, shares in Getech Group were down 1.14% at 24.22p.