Year 2008 London Stock Exchange stories
GETECH Group non-executive chairman Stephens buys 40,000 shares at 24.5p/shr
LONDON (Thomson Financial) - Oil industry data provider GETECH Group PLC said non-executive chairman Peter Stephens has bought 40,000 shares at 24.5 pence a share and now has an interest in 752,718 shares, or about 2.7 pct of the company's issued capital.
Director/PDMR Shareholding
Director’s Dealings
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Peter Stephens, the Company's Non-Executive Chairman, today purchased 40,000 ordinary shares of 0.25 pence each in the Company at a price of 24.5 pence per share.
Further to this transaction Mr. Stephens is interested in 752,718 ordinary shares, equivalent to 2.7 per cent. of the Company's issued share capital.
GETECH Group says non-executive chairman buys 25,000 shares at 24.5 each
LONDON (Thomson Financial) - GETECH Group PLC said non-executive chairman Peter Stephens purchased 25,000 shares in the company at 24.5 pence each and is now interested in 2.8 pct of the company's share capital, or 777,718 shares.
TFN.newsdesk@thomson.com
Director/PDMR Shareholding
Director’s Dealings
GETECH Group Plc (GTC:AIM), the oil services business specialising in the provision of exploration data and petroleum systems evaluations, announces that Peter Stephens, the Company's Non-Executive Chairman, today purchased 25,000 ordinary shares of 0.25 pence each in the Company at a price of 24.5 pence per share.
Further to this transaction Mr. Stephens is interested in 777,718 ordinary shares, equivalent to 2.8 per cent. of the Company's issued share capital.
GETECH Group signs deal to sell Russian Arctic environmental data to oil cos
LONDON (Thomson Financial) - GETECH Group PLC said it has signed a deal to enable it to sell new survey data on the Russian Arctic environmental baseline to oil companies.
The study, developed from geochemical sea-bed data, will enable oil companies to assess the environmental state of new exploration sights.
The data company said that the deal is one of several currently under discussion with its Russian partners.
Statement Re Agreement
Contract
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 an agreement to enable it to market a new Russian Arctic environmental baseline study.
This study has been developed from geochemical sea-bed data and is important in that it enables oil companies to establish the current environmental state in areas of interest to them prior to any exploration and extraction. It will allow them to demonstrate the environmental impact of their activities and take action to minimize it.
This new agreement represents one of several Arctic oil exploration products currently under discussion with our Russian partners.
Change of Advisor
Appointment of Nominated Adviser and Broker.
The board of GETECH, the oil services business specialising in the provision of exploration data and petroleum systems evaluations, is pleased to announce the appointment of WH Ireland Limited as Nominated Adviser and Broker to the Company with immediate effect.
For further information, please contact:
GETECH Group PLC
Raymond Wolfson, Chief Executive
0113 322 2200
WH Ireland Limited
Richard Lindley
0113 394 6628
Eric Burns
0113 394 6608
Holdings in the Company
The Company was notified on 19 March 2008 that following the acquisition of 1,340,000 ordinary shares, IP Group plc has a total notifiable interest of 4,590,426 ordinary shares, representing 16.58% of the issued share capital of the Company. The ordinary shares are held beneficially as follows:
| Number of Ordinary Shares | Percentage of issued share capital | |
| IP2IPO Limited | 1,340,000 | 4.83% |
|
Techtran Group Limited |
3,250,426 | 11.75% |
Holdings in the Company
The Company was notified on 25 March 2008 that following the acquisition of 1,000,440 ordinary shares, IP Group plc has a total notifiable interest of 5,590,866 ordinary shares, representing 20.19% of the issued share capital of the Company. The ordinary shares are held beneficially as follows:
| Number of Ordinary Shares | Percentage of issued share capital | |
| IP2IPO Limited | 2,340,440 | 8.44% |
|
Techtran Group Limited |
3,250,426 | 11.75% |
GETECH says IP Group holds 20.19 pct in co
LONDON (Thomson Financial) - GETECH Group PLC said IP Group PLC has a total notifiable interest of 5.59 mln shares or 20.19 pct in the company, following the acquisition of around 1 mln shares.
Interim Results
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2008
Corporate statement
Founded in 1986, GETECH Group plc is a leading geoscience service company providing gravity and magnetic data and petroleum systems interpretation services to the oil and mining exploration industries. By making use of our data products and services early in their programmes, exploration companies can be more cost effective and focused in their decision making.
HIGHLIGHTS
- Turnover for six months: £2,235,000 (six months ended 31 January 2007: £826,000).
- Profit before tax: £603,000 (six months ended 31 January 2007: loss £21,000).
- Interim dividend of 0.6p per share (2007: interim 0.4p, final 0.8p).
- Further licence of Arctic Shelf aeromagnetic data at a price close to £900,000.
- Board strengthened
For further information, please contact:
GETECH Group plc
Derek Fairhead, Executive Chairman: 01133222200
Raymond Wolfson, Chief Executive: 01133222200
WH Ireland Limited
Richard Lindley: 01133946628
CHAIRMAN’S STATEMENT
I report the interim accounts of GETECH Group plc and its subsidiary company (collectively “GETECH”), the oil services business specialising in the provision of data, studies and services to the oil and mining exploration sectors, for the six month period to 31 January 2008.
Results
GETECH is pleased to report a group profit before tax of £603,630 (six months ended 31 January 2007: loss of £21,214) after interest receivable of £32,267 (six months ended 31 January 2007: £91,940) on turnover of £2,235,275 (six months ended 31 January 2007: £825,811). The post-tax profit was £413,897 (six months ended 31 January 2007: profit of £23,786).
The accounts have been prepared under IFRS, and I am pleased to report that no significant adjustments to the results were required.
Dividend
Your Board remains confident for the future and recommends an increased interim dividend of 0.6p per share, costing £166,153, on 8 May 2008 to shareholders on the register at 11 April 2008.
Business review
In line with our expectations, GETECH obtained a further order (total of two orders to date) for the Russian Arctic Shelf Aeromagnetic data and this was delivered and invoiced in December at a price close to £900,000.
Three major petroleum systems (“PSEG”) studies will be completed in the current financial year. Advance marketing of these and other new studies has resulted in substantial pre-commitment orders from major oil companies, and we are confident that this demonstrates the high regard in which our first set of completed studies was held.
Overall, demand for the GETECH studies, services and data remains strong but we continue to be dependent on the combination of a stream of modest sized orders and the occasional very substantial order.
Outlook
Our reputation in the field of gravity and magnetic data and interpretation studies continues to be excellent. The substantial level of pre-commitments to our new studies gives us confidence that we have also established our credibility in the field of petroleum systems studies. We regard this as the first major step in broadening our presence in the market.
We now believe we are in a strong position to take forward various strands of our strategy for medium term growth. We continue to nurture our international relationships, particularly in Russia and China, and anticipate further opportunities crystallising in the near future. We are enhancing our portfolio of petroleum systems studies and we are actively examining various forms of acquisition.
Whilst we are very pleased with the result to January 2008, the outcome for the full financial year remains dependent on a number of significant contracts coming to fruition.
The background of the strong oil price, the imperative to discover new reserves and the pattern of purchases of GETECH's new and existing datasets and studies, leads GETECH to view the coming months and years with confidence.
Peter Stephens
Chairman
28 March 2008
All activities relate to continuing operations.
NOTES TO THE INTERIM RESULTS
for the six months ended 31 January 2008
1 Nature of operations
The principal activity of GETECH Group plc and its subsidiary company Geophysical Exploration Technology Inc (collectively “GETECH” or “the Group”) is the provision of exploration data and services, including gravity and magnetic data and petroleum systems evaluations, to the oil and mineral industry.
2 General information
GETECH Group plc, a limited liability company, is the Group’s ultimate parent company. It is incorporated in England and Wales and domiciled in England (CRN: 2891368). The address of its registered office is Convention House, St. Mary’s Street, Leeds LS9 7DP. Its principal place of business is Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ. GETECH Group plc shares are admitted to trading on the London Stock Exchange’s AIM.
The financial information set out in this interim report does not constitute statutory financial statements as defined in S240 of the Companies Act 1985. The interim financial statements, which have been neither audited nor reviewed by the Group’s auditors, have been approved by the Board.
The Group’s statutory financial statements for the year ended 31 July 2007, prepared under UK GAAP, have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under S237(2) of the Companies Act 1985.
3 Basis of preparation
These condensed consolidated interim financial statements are for the six months ended 31 January 2008. They have been prepared in accordance with the requirements of IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ relevant to interim reports, because they are part of the period covered by the Group’s first IFRS financial statements for the year ended 31 July 2008. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 July 2007.
These condensed consolidated interim financial statements have been prepared under the historical cost convention.
These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies set out below. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and which are, or are expected to be, effective at 31 July 2008, the first annual reporting date at which the Group is required to use IFRS accounting standards as adopted by the EU.
GETECH's consolidated financial statements were prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) until 31 July 2007. The date of transition to IFRS was 1 August 2006 and the comparative figures in respect of 2007 have been restated to reflect changes in accounting policies as a result of adoption of IFRS. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS are given in the reconciliation schedules and are presented and explained in note 6.
The accounting policies have been applied consistently throughout the Group for the purpose of preparation of these condensed consolidated interim financial statements.
4 Summary of accounting policies
4.1 Overall considerations
The Group has taken advantage of certain exemptions available under IFRS 1 ’First-time Adoption of International Financial Reporting Standards’. The exemptions are explained in Note 6.1.
The accounting policies that have been applied in the transitional balance sheet at 1 August 2006 have also been applied throughout all periods presented in these financial statements.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Company and of its subsidiary undertaking drawn up to 31 January 2008. A subsidiary is an entity controlled by the Group. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
4.3 Revenue
Revenue is measured by reference to the fair value of consideration received or receivable by the Group for goods supplied and services provided, excluding VAT and comparable overseas taxes.
For sales of data and completed projects revenue is recognised on dispatch.
4.4 Long-term contracts and inventories
In respect of long-term contracts and contracts for on-going services, when the outcome of the contract can be estimated reliably, revenue is recognised according to the value of work done in the period, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is calculated on the basis of time spent on the project and estimated work to completion. The outcome of a contract is deemed capable of being estimated reliably when the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefit associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the balance sheet date can be measured reliably and is estimated by reference to estimated time-cost to completion; and
- the costs incurred for the transaction and the costs to completion can be measured reliably.
Costs associated with long-term contracts are included in inventories to the extent that they cannot be matched with contract work accounted for as revenue. Long-term contract balances included in work in progress are stated at cost after provision has been made for any foreseeable losses and the deduction of applicable payments on account.
Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
In assessing the costs associated with projects that are long-term in nature, to the extent these costs cannot be matched with signed agreements, the following assumptions and estimates are made:
- at the commencement of each project an assumption is made concerning the likely revenue from potential sales of that project. Regular impairment reviews reconsider whether that revenue remains achievable; and
- costs are carried forward only to the extent that they do not exceed 90% of expected revenue relevant to the stage of completion.
4.5 Foreign currency translation
The Group’s financial statements are presented in Sterling (£) which is also the functional currency of the parent company.
Where supplies are obtained or sales made on terms denominated in foreign currency, such transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Any liability or asset is reflected in the financial information at the rate of exchange ruling at the balance sheet date or at the amount to be paid where currency purchase arrangements have been made by the balance sheet date. Disparities between the amount reflected in the financial information and the amount of Sterling required to settle the liability are reflected in the reported results of the subsequent period.
The assets and liabilities of the Group’s foreign operations are translated using exchange rates prevailing at the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are classified as equity and recognised in the Group’s foreign currency translation reserve. Such exchange differences are recognised in the profit or loss of the period in which the foreign operation is disposed of.
The treatment of translation differences arising on consolidation of subsidiaries following the transition to reporting under IFRS is set out in Note 6.1.
4.6 Employee benefits
Pension schemes
The Group operates defined contribution pension schemes. The assets of the schemes are held separately from the Group in an independently administered fund. The pension charge represents contributions payable by the Group to the schemes.
Share options
Where share options are granted to employees a charge is made to the Group income statement and a reserve created to record the fair value of the awards in accordance with FRS 20 ‘Share-based Payment’. A charge is recognised in the income statement in relation to share options granted based on the fair value (the economic value) of the grant, measured at the grant date. The charge is spread over the vesting period. The valuation methodology takes into account future share price volatility, future risk-free interest rate, an estimate of the earnings per share and exercise behaviour and is based on the Black-Scholes method.
4.7 Research
Research expenditure is charged to the profit of the period in which it is incurred.
4.8 Lease contracts
Operating leases exist where the lessee of a leased asset does not substantially bear all the risks and rewards relating to the ownership of the asset. Economic ownership of the leased asset is not transferred to the lessee. Payments made under operating leases are charged to the income statement on a straight line basis over the lease term.
4.9 Goodwill
Goodwill representing the excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is capitalised and reviewed annually for impairment. Goodwill is carried at cost less accumulated impairment losses. Negative goodwill is recognised immediately after acquisition in the income statement.
Goodwill written off to reserves prior to the date of transition to IFRS remains in reserves. There is no reinstatement of goodwill that was amortised prior to transition to IFRS.
4.10 Property, plant and equipment
Property, plant and equipment are carried at acquisition cost, net of depreciation and any provision for impairment.
Depreciation is calculated to write down the cost less estimated residual value of all property, plant and equipment by equal instalments over their estimated useful economic lives:
Freehold property – 50 years
Plant and equipment – 3 years and 4 years
Material residual value and useful life estimates are updated as required, but at least annually, whether or not the asset is revalued.
Freehold land is carried at acquisition cost. As no finite useful life for land can be determined, related carrying amounts are not depreciated.
4.11 Accounting for financial assets
Financial assets are divided into the following categories:
- loans and receivables; andFinancial assets are assigned to the different categories by management on initial recognition, depending on the purpose for which they were acquired. The designation of financial assets is re-evaluated at every reporting date at which a choice of classification or accounting treatment is available.
- held to maturity investments.
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Trade and other receivables are classified as loans and receivables. Loans and receivables are measured subsequent to initial recognition at amortised cost using the effective interest rate method, less provision for impairment. Any change in their value through impairment or reversal of impairment is recognised in the income statement.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of those receivables. The amount of the write-down is determined as the difference between the asset’s carrying value and the present value of estimated future cash flows.
Held to maturity investments are non-derivative financial assets with fixed or determinable payments and a fixed date of maturity where it is the intention of the Directors to hold them until maturity. Held to maturity investments are measured subsequent to initial recognition at amortised cost using the effective interest method. If there is objective evidence that the investment has been impaired, the financial asset is measured at the present value of estimated cash flows. Any changes to the carrying value of the investment are recognised in the income statement.
4.12 Income taxes
Current tax is the tax currently payable based on the taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits are assessed for recognition as deferred tax assets.
Deferred tax assets and liabilities are calculated in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary timing differences could be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity (such as the revaluation of land) in which case the related deferred tax is also charged or credited directly to equity.
4.13 Cash and cash equivalents
Equity comprises the following:
- “Share capital” represents the nominal value of equity shares;
- “Share premium” represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue;
- “Capital redemption reserve” represents the nominal value of equity shares redeemed;
- “Share option reserve” represents the fair value of share options in accordance with IFRS 2 ‘Share-based Payment’;
- “Currency translation reserve” represents the value of exchange differences in translating the assets and liabilities of the foreign subsidiary; and
- “Retained earnings” represents retained profits.
4.15 Dividends
Dividend distributions payable to equity shareholders are included in “other short-term financial liabilities” when dividends are approved in general meetings prior to the balance sheet date.
4.16 Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the contractual agreements of the instrument.
The Group’s financial liabilities comprise trade and other payables which are measured at amortised cost using the effective interest rate method.
A financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is discharged, cancelled or expires. 5 Capital management policies and procedures. The Group’s capital management objectives are:
- to ensure the Group’s ability to continue as a going concern; andThese objectives are maintained by pricing products and services commensurately with the level of risk.
- to provide an adequate return to shareholders.
The Group’s goal in capital management is to maintain capital with no borrowing. There are no externally imposed capital requirements.
6 Effect of First-time Adoption of IFRS
6.1 Overall considerations
IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ sets out the procedures to be followed when IFRS is adopted for the first time. The Group is required to determine its IFRS accounting policies and apply these retrospectively to determine its transitional balance sheet under IFRS. The Standard allows a number of exemptions to this general principle to assist companies with their transition to reporting under IFRS.
The Group has chosen the following options:
- business combinations: business combinations prior to the transitional balance sheet date, 1 August 2006, have not been restated; andIFRS 7 ‘Financial Instruments: Disclosures’, IAS 12 ‘Income Taxes’ and IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ have been applied retrospectively i.e. with amendments to the 2007 accounts and their presentation. The 2007 comparatives contained in these financial statements therefore differ from those published in the financial statements for the year ended 31 July 2007 and the six months ended 31 January 2007.
- translation differences arising on consolidation of subsidiaries: IAS 21 requires such differences to be held in a separate reserve, rather than included in the profit and loss reserve as was the case under UK GAAP. This reserve has been deemed to be £nil on 1 August 2006.
IAS 39 ‘Financial Instruments: Recognition and Measurement’ has been applied retrospectively but there is no material effect on the comparative figures for the year ended 31 July 2007 or the six months ended 31 January 2007 and these have not been restated.
Other Standards or Interpretations relevant for IFRS financial statements did not become effective during the current year.
Significant effects on current, prior and future periods arising from the first-time application of the Standards listed above in respect of presentation, recognition and measurement of the accounts are described in the following notes. An overview of Standards and Interpretations that will become mandatory for the Group in future periods is given in note 6.5.
6.2 Amendment of IAS 1 ‘Presentation of Financial Statements’
In accordance with the amendment of IAS 1 ‘Presentation of Financial Statements’, GETECH now reports on its capital management objectives, policies and procedures in each annual financial report. The new disclosures that become necessary due to this change in IAS 1 are set out in note 5.
6.3 Adoption of IAS 12 ‘Income tax’
In accordance with IAS 12 ‘Income Tax’ the Group financial statements recognise a deferred tax asset in respect of the losses of the US subsidiary company to the extent they constitute a temporary timing difference.
6.4 Adoption of IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’.
In accordance with IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ the financial statements account for translation differences in respect of the assets and liabilities of the foreign subsidiary in a separate reserve within equity.
6.5 Standards and Interpretations not yet applied by GETECH
The following Standards and Interpretations, which are yet to become mandatory, have not been applied in the 2008 consolidated financial statements.
6.6 Effect on comparative figures
The effect of changes on profit, on equity and on other elements of the Group’s balance sheet at the opening balance sheet date for comparative figures, 1 August 2006, 31 January 2007 and 31 July 2007 are as follows:
7 Taxation
Taxation has been provided at the estimated effective rate of 30% for the year as a whole (2007: 30%) for UK operations. No taxation charge has been provided for the US subsidiary as it has unused losses available for relief against future profits.
Deferred taxation in the foreign subsidiary has been calculated at 40% (2007: 40%).
8 Dividends
The proposed dividend is payable on 8 May 2008 to members on the register at 11 April 2008.
9 Earnings per share
Basic earnings per share is calculated on the basis of the profit for the period after tax, divided by the weighted average of ordinary shares in issue in the period of 27,692,307 (2007: 27,692,307).
Diluted earnings per share is calculated on the basis of the profit for the year after tax, divided by the weighted average number of shares in issue plus the weighted average number of shares which would be issued if all options granted were exercised. The addition to the weighted average number of ordinary shares used in the calculation of diluted earnings per share for the six months ended 31 January 2008 is 2,372,346, six months ended 31 January 2007: nil, and year ended 31 July 2007: 1,472,346.
10 Interim report
Copies of the interim report are being sent to shareholders and will be available at GETECH's principal place of business at: Kitson House, Elmete Hall, Elmete Lane, Leeds LS8 2LJ.
GETECH Swings to H1 pretax profit
LONDON (Thomson Financial) - Oil services company GETECH Group Plc. swung to a first-half pretax profit helped by a 170 percent jump in its revenue for the period.
The company posted a pretax profit of 603,000 pounds for the six months to January 31, 2008, from a pretax loss of 21,000 pounds one year earlier, while revenue rose to 2.235 million pounds from 826,000 pounds.
It said the outcome for the full year remains dependent on a number of significant contracts coming to fruition, but that it remains confident for the future and recommends an increased interim dividend of 0.6 pence per share
UK smallcap opening - GETECH rises on swing to H1 profits
LONDON (Thomson Financial) - Getech Group made headway and rose 3 pence to 23 as the geoscience service company revealed a swing to profits from losses at the half-way mark.
Elsewhere, Watermark edged up 1/2 to 10-1/4 after the provider of in-flight catering and products to the airline, travel and hospitality industries said it proposes to create a solid capital structure for the company via a refinancing and disclosed that its Air Fayre unit has signed a partnership agreement with United Airlines.
Meanwhile, the directors are considering moving the trading of the ordinary Shares to AIM and KBC Peel Hunt Ltd has been appointed as broker to the company.
Again on the upside, Alexon Group advanced 5 to 94-3/4 as the ladieswear retailer disclosed an 8.6 percent increase in full year underlying pretax profit and said that, following last month's disposal of its Style menswear business, it is better placed to continue its recovery.
Director/PDMR Shareholding
Directors’ Holdings in the Company
The Company was notified on 1 April 2008 that Raymond Wolfson, Chief Executive, acquired 10,000 ordinary shares of 0.25 pence each in the capital of the Company (“Ordinary Shares”) on 31 March 2008 at a price of 24.5 pence per Ordinary Share. Following this acquisition, Raymond Wolfson, has a total notifiable interest of 10,000 Ordinary Shares, representing 0.04% of the issued share capital of the Company.
The Company was also notified on 1 April 2008 that Peter Stephens, Non-executive Chairman, acquired 71,000 Ordinary Shares on 31 March 2008 at a price of 24.3 pence per Ordinary Share. Following this acquisition, Peter Stephens, has a total notifiable interest of 850,000 Ordinary Shares, representing 3.07% of the issued share capital of the Company.
GETECH says Chairman, Chief Executive lift stakes in company
LONDON (Thomson Financial) - Getech Group Plc. said chief executive Raymond Wolfson has purchased 10,000 shares at 24.5 pence each and now holds 0.04 percent of the company's issued share capital.
The oil industry data provider added chairman Peter Stephens has bought 71,000 shares at 24.3 pence each, lifting his stake to 850,000 shares or 3.07 percent of the company's share capital.
Director/PDMR Shareholding
Directors' Holding in the Company and Exercise of Employee Share Options
The Company was notified on 21 May 2008 that an employee had exercised options over 23,404 of Derek Fairhead's ordinary shares of 0.25 pence each in the capital of the Company ("Ordinary Shares").
As detailed in the Company's admission document dated 22 September 2005, on 26 August 2005, Derek Fairhead (executive chairman) entered into call options, in order to incentivise key employees, for the transfer of up to 472,340 Ordinary Shares from his personal holding.
Derek Fairhead received an exercise notice from the employee on 21 May 2008 in respect of 23,404 Ordinary Shares, with an exercise price of 9.87 pence per Ordinary Share. Further to this exercise, Derek Fairhead is interested in 8,867,532 Ordinary Shares, representing 32.02% of the issued share capital of the Company.
RNS Number : 9242W
PROPRIETARY AND NON-EXCLUSIVE STUDIES OF THE TAOUDENNI BASIN, NORTH WEST AFRICA
GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce the commencement in June 2008 of two new studies of the Taoudenni basin. The basin is located in Mauritania and Mali and contains Proterozoic and Palaeozoic age source rocks. As such it is one of Africa's oldest frontier basins and is currently attracting considerable exploration interest.
One of the studies is a high resolution proprietary geophysical study of an exploration block within the basin using recently acquired gravity, magnetic and seismic data in order to define the geometry and structure of the basin. This study represents the first stage in the exploration-evaluation process prior to planning new seismic surveys and drilling.
The other study is a non-exclusive regional petroleum systems study of the basin in Mauritania and Mali. It involves the compilation and interpretation of all available geological and geophysical data. Much of the geology data is exclusive to GETECH based on many years field work by GETECH's Senior Sedimentologist, who is an acknowledged geological expert on this basin. The study is fully funded by advanced sponsorships and will be completed in the third quarter of calendar year 2008.
Professor Derek Fairhead, Executive Chairman, reported "The commencement of these two studies this month is important to GETECH in that it demonstrates how the company is developing its international range of non-exclusive products as well as undertaking proprietary studies for key players (oil companies) exploring the region. Such studies follow the recent success of our South East Asia petroleum systems studies which continue to develop with the commencement of a further non-exclusive study covering offshore South East China which is due for completion in the fourth quarter of calendar year 2008."
For further information, please contact:
GETECH Group plc, Derek Fairhead, Executive Chairman 0113 322 2200,
Raymond Wolfson, Chief Executive 0113 322 2200
WH Ireland Limited, Richard Lindley 0113 394 6628
RNS Number : 9237W
NEW RUSSIAN MARKETING AGREEMENTS FOR GEOSCIENCE DATA
GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, is pleased to announce the signing of two new marketing agreements for data and studies covering various regions of the Former Soviet Union. These build on agreements previously announced for the exclusive marketing of the Russian Arctic shelf aeromagnetic data and Russian Arctic base-line environmental geochemical studies. The new agreements relate to:* Russian Arctic petroleum studies: will generate new oil and source rock geochemistry databases covering four onshore and offshore Arctic basins: Pechora (East Barents), Kara, Laptev and East Siberia Seas. The absence of offshore wells in the last two areas means that these studies will provide some of the only petroleum systems geochemistry data available.
* Aeromagnetic studies: will generate aeromagnetic data sets covering a range of petroleum basins within the Former Soviet Union which will enable oil companies to regionally evaluate basin geometries, depths to basement and structure to a degree not previously possible.
Professor Derek Fairhead, Executive Chairman commented "These new agreements build on our successful commercial links initiated two and a half years ago. They expand the range of products we are able to offer over the Russian Arctic shelf and extend our marketing to include aeromagnetic datasets covering important oil basins onshore the Former Soviet Union. These data will allow oil companies to access previously inaccessible geochemical and geophysical data to allow them to better evaluate the petroleum systems and basin architecture. Such Agreements help to reinforce GETECH's position as one of the leading providers of exploration data to the world's oil industry."
The new datasets resulting from these agreements are planned to become available during the second half of calendar year 2008.
For further information, please contact:
GETECH Group plc, Derek Fairhead, Executive Chairman 0113 322 2200
Raymond Wolfson, Chief Executive 0113 322 2200
WH Ireland Limited, Richard Lindley 0113 394 6628
GETECH agrees 2 new Russian marketing deals
LONDON (Thomson Financial) - GETECH Group Plc. said it has signed two new marketing agreements for data and studies covering various regions of the Former Soviet Union. The new datasets resulting from these agreements are planned to become available during the second half of 2008, it added. The oil industry data provider also said it has started two new studies in June of the Taoudenni basin located in Mauritania, Mali and contains Proterozoic and Palaeozoic age source rocks.
Data Sales and New Data Agreements
The directors of GETECH, the oil services business specialising in the provision of exploration data and petroleum systems studies and evaluations, are pleased to announce the signing of significant new licences for the Company's regional and global gravity and magnetic data sets which will generate income in excess of Ј500,000. Some of the income will be recognised in this financial year ending 31 July 2008, with the rest falling in the next financial year. The increased demand for such data sets demonstrates their importance in exploration as the oil industry evaluates more and more hydrocarbon opportunities in mature and frontier areas.Gravity and magnetic data compilation studies have been a founding part of GETECH's core business and a significant source of revenue. The clients for these studies represent a range of mid-size to major oil companies based throughout the world including Japan, Europe and the USA. The gravity and magnetic products in demand have coverage ranging from global to regional, in particular Southeast Asia, East and Central Asia.
GETECH also continues to build its gravity and magnetic database keeping it at the forefront of exploration databases, through marketing agreements with national organisations and the acquisition of data. A new agreement has been concluded this month with the Cambodian National Petroleum Authority to market its onshore data covering the Tonle Sap Basin. In addition, a gravity data acquisition contract has been entered into which enables GETECH to undertake new gravity surveys in Brazil and Chile and to complete the regional gravity survey of Paraguay. Fieldwork will commence in August 2008 in association with Brazilian Institutions (University of Sao Paulo and IBGE (the Brazilian institute of geography and statistics)) and various national groups who will provide important in-country logistical support. The Brazilian and country links were originally established in the early 1990s when GETECH commenced a programme with the Brazilian Institutions to infill gravity gaps in the various national gravity coverages within South America. The data resulting from these new surveys will become available for marketing by GETECH in 2009.
Professor Derek Fairhead, Executive Chairman, commented "The growth of and demand for the exploration gravity and magnetic data sets is most encouraging and possibly reflects a change in oil company strategy to spend more of their income on exploration. We look forward to this trend continuing."
Getech signs new licences worth more than 500,000 pounds
LONDON (Thomson Financial) - Oil services comapny Getech Group Plc. said it has signed new licence deals for its gravity and magnetic data sets, which will generate more than 500,000 pounds income. Getech said some of this will be recognised in this financial year and the rest in the new year. TFN.newsdesk@thomson.com
Grant of Employee Share Options
On 4 August 2008, the Company granted options over 201,000 ordinary shares of 0.25 pence each in the capital of the Company ("Ordinary Shares") to a number of employees (the "Options"). The Options are exercisable at a price of 29.75 pence per Ordinary Share and can be exercised at any time between three and ten years from the date of grant.100,000 of the Options have been granted to Paul Markwick, the Company's Geological Director. Paul Markwick also holds a further 123,404 share options over Ordinary Shares. These were granted to him on 26 August 2005 and can be exercised at 9.87 pence per Ordinary Share.