Oil services specialist GETECH has signed two Russian marketing agreements and begun two new studies of Mali’s Taoudenni Basin.

The Leeds-based company, which supplies exploration data and oil systems studies and evaluations, says the Russian marketing agreements cover studies of the Russian Arctic, to generate new oil and source rock geochemistry databases for four Arctic basins, as well as aeromagnetic studies of oil basins in the former Soviet Union, to enable oil companies to evaluate their geometries ‘to a degree not previously possible’. AIM-quoted GETECH has also embarked on the Mali studies to provide both a geophysical analysis of the Taoudenni Basin and information about the basin oil systems in Mali and Mauritania.  

Executive chairman Derek Fairhead argues that both the Russian and West African projects help ‘reinforce GETECH’s position as one of the leading providers of exploration data to the world’s oil industry’. This is a buoyant sector these days, and the company recently reported interim profits increased from £21,000 to £603,000 on turnover up from £826,000 to £2.2 million.

The present climate bodes well for GETECH, whose shares rose from 2005’s float price of 39p to 56p the following year before dropping to 19.5p last March. They have now rallied to 32p, up 5p this morning, where they value the company at £8.9 million and offer the prospect of further improvement.      

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GETECH Group	AIM	£7.62m	27.50p	0.00p
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