GETECH Group plc Three Separate Contract Wins

RNS Number : 5313K

GETECH Group plc

15 April 2024

 

15 April 2024

Getech Group plc

("Getech" or the "Company")

Announcement of Joint Natural Hydrogen Exploration Agreement

and Two Further Natural Hydrogen Exploration Contracts

 

Getech, a world-leading locator of subsurface resources, is pleased to announce three separate contract wins related to the exploration of natural hydrogen (also known as 'geologic' or 'white' hydrogen). The first is a strategic joint venture exploration agreement with a new customer partner, while two additional contracts have been secured with existing exploration clients.

All three contracts are aimed at locating natural hydrogen resources for commercial development and demonstrate that the Company is at the forefront of this exciting new subsurface energy transition opportunity. Combined, the three transactions are expected to generate £390k of revenue over 3 years, with additional potential upside.

The joint exploration agreement is with a major European headquartered global industrial and energy company and aims to locate and develop economic natural hydrogen accumulations. In addition to earning fees for its exploration services, under the terms of the contract agreement, Getech will also earn 5% equity interest in any licenses obtained within a designated area and will be 'carried' through the exploration phase, including field sampling, exploration drilling and well-testing.

Over the course of the multi-year programme, Getech will apply its proprietary and industry-leading natural hydrogen location solution. This begins with understanding and modelling the geologic conditions known to produce natural hydrogen. Getech is uniquely placed to do this using its exclusive global geological and geophysical dataset which it has compiled over 30 years and used successfully for decades in other natural resource sectors. Getech will then deploy proprietary machine learning algorithms to find 'digital signature' matches in its data to predict the location of new natural hydrogen accumulations. Once natural hydrogen source rocks have been identified, Getech will use extensive experience gained from the oil and gas industry to predict the migration and trapping of hydrogen through the earth to identify subsurface reservoirs where hydrogen may have accumulated. This will be followed by verifying or 'ground truthing' these results in the field. The new customer partner will then take the lead in subsequent exploration drilling and development activities.

The two additional contracts are with existing exploration clients to screen for natural hydrogen and hydrogen storage projects in Eastern Europe and the USA. The projects will again use Getech's Globe geoscience platform, geophysical data and AI technology to locate areas with the geologic conditions to produce natural hydrogen.

Richard Bennett, CEO of Getech, commented:

"These transactions build on a good start to the current financial year and of course, further expand our expertise in helping our customers seek out natural hydrogen. We are also delighted to have signed another equity joint venture agreement with a leading energy company, supporting its search for this new but potentially game changing resource and sharing in the upside, if we are successful."

Getech Group plc Richard Bennett, CEO	Tel:  [phone]
Cavendish Capital Markets Limited Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Dale Bellis (Sales)	Tel:  [phone]
Novella Communications	Tel: [phone]
Tim Robertson / Safia Colebrook
[e-mail]

 

Notes to editors:

 

About Getech

Getech is a leading locator of the energy and mineral resources essential for the world's energy transition. Getech's unique data encompassing the most recent 400 million years of Earth's evolution, coupled with its geoscience expertise, AI-driven analytics and extensive GIS capabilities, enables the company to provide valuable and actionable insights to support resource discovery and development.

The company's client portfolio is wide-ranging, from governments, municipalities, natural resources and energy companies to consumer goods and computing services companies, all striving to become energy and minerals self-sufficient and drive towards net zero.

Founded in 1994 Getech is listed on the Alternative Investment Market of the London Stock Exchange ("AIM"), with ticker symbol GTC.

For further information, please visit www.getech.com.

 

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