GETECH Group plc - Commences the marketing of Russian Arctic Shelf aeromagnetic data

24 Jan 2007

GETECH Group plc (“GETECH” or “the Company”), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce the finalisation of Agreements to permit GETECH to commence exclusive marketing of Russian Arctic Shelf aeromagnetic data. These data will help major oil companies evaluate the hydrocarbon potential of the Arctic. Several oil majors have expressed strong interest in licensing these data and one has already placed an order totalling £840,000.

Commenting on this order, Peter Stephens, Chairman of GETECH, said: “This contract is the culmination of almost two years work. It is our first major win this year and is typical of the small number of large contracts on which the company relies to achieve its targets."

The enabling Agreements have taken over 18 months to finalise, with initial signing in January 2006 followed in December 2006 by Russian approval to release the data. These Agreements give GETECH exclusive rights to over 850,000 line kilometres of flight line aeromagnetic data over the Russian Arctic continental shelf. These aeromagnetic products will allow oil and gas companies, to evaluate more effectively the potential of Russia’s 6,800 km long northern offshore continental margin. The data are available to oil companies from April 2007 and should contribute significantly to GETECH’s future earnings as Arctic exploration increases.

Commenting on the Agreements, Managing Director of GETECH, Professor Derek Fairhead, said: “We are delighted to have signed these Agreements and are now able to implement them. These data form part of a suite of Arctic products that GETECH is making available to international oil companies to allow them to evaluate the hydrocarbon potential of the shallow- and deep-water basins of the Arctic continental shelf. In this way, the Company is playing an important role in helping oil companies access data in one of the world’s largest and most challenging exploration frontiers”.

“Additionally, these data enhance GETECH’s position as the holder of one of the world’s most extensive commercial archives of gravity and magnetic data”.

For more information, please contact:

Buchanan Communications

Kelly-Ann Knight

01943 883990 

GETECH Group Plc                www.getech.com

Prof Derek Fairhead, Managing Director

0113 343 5240

Notes to Editors

GETECH evolved from a Research Group headed by Professor Derek Fairhead within the Department of Earth Sciences at the University of Leeds (UK) in the mid-1980s. During the subsequent 15 years, Professor Fairhead completed a number of major industry-supported continental-scale compilations of gravity and magnetic data.  In the year 2000, GETECH spun out from the University as a separate company and in 2005, floated on the AIM stock market in London.

GETECH is a profitable and cash generative oil services business specialising in the compilation and analysis of gravity and magnetic data and in evaluating petroleum systems within basins. GETECH licenses these data sets and interpretation reports to major oil, gas and mining companies to enable these companies to evaluate regional geology and thereby assist their exploration strategies. GETECH has compiled one of the world’s most extensive commercial libraries of gravity and magnetic data. GETECH is based at the University of Leeds, and it has a subsidiary in Houston, Texas and an active presence in Singapore.

On September 23 2005, the Company listed on the AIM market of the London Stock Exchange, raising just over £3 million via an institutional placing.

GETECH has 3 principal activities:

Licensing Global Gravity and Magnetic Data
Integrated Basin Interpretation Studies and Services
Evaluating the Petroleum Systems within basins

The first two activities contributed the majority of Group revenue for the year ended 31 July 2006 with a profit of £1.01. million on a turnover of £3.23 million. The third activity relates to the evolving Petroleum Systems Evaluation Group, (PSEG), headed up by Dr Paul Markwick, which was formed in 2004 and provides oil companies with detailed insights into the key source, reservoir and seal issues relating to the prospectivity of hydrocarbon basins. PSEG is seen as a major business growth area within the Company.