GETECH Group plc Hydrogen Collaboration Agreement

RNS Number : 7683J

GETECH Group plc

28 October 2024

 

28 October 2024

 

Getech Group plc

("Getech" or the "Company")

Hydrogen and Helium Exploration Collaboration Agreement

Getech Plc ("Getech"), a global leader in locating essential energy and mineral resources crucial for the energy transition, is pleased to announce entry into an Exploration Collaboration Agreement (the "Agreement") with Sound Energy, the transition-focused energy company.

Pursuant to the Agreement, the parties will collaborate to seek to explore for natural hydrogen and helium in Morocco, with the initial phase of the Agreement comprising a joint regional screening study to identify areas of potential interest for more detailed assessment by the parties.

Getech will leverage its proprietary, world-renowned gravity and magnetics database, along with its advanced geoscience platform, Globe™, and machine learning algorithms, to identify prospective regions for geological hydrogen and helium in Morocco. Meanwhile Sound Energy will contribute to the Agreement with specific regional geoscience knowledge and extensive operational expertise, from its long experience and established in-country capabilities as the largest onshore hydrocarbon exploration permit holder in Morocco, to facilitate any future exploration process.

Both companies will aim to jointly negotiate exclusive rights for the exploration and exploitation of hydrogen and helium resources in Morocco, progressing towards necessary geophysical and drilling activities to unlock potential deposits.

Richard Bennett, CEO at Getech, commented:

"We look forward to collaborating with Sound Energy to unlock the potential of natural hydrogen and helium resources in Morocco. Getech's advanced geoscience solutions and AI capabilities will play a crucial role in driving cost-effective exploration in this highly promising region."

John Argent, VP Geoscience at Sound Energy, commented:

"This agreement with Getech, a company with renowned geological expertise in the energy and mining sectors, is a significant first step forward in our strategy to expand our exploration activities into new transition energy resources, starting in Morocco. With our established presence and operational expertise, combined with Getech's innovative geoscience tools, we are well-positioned to lead the way in seeking to unlock Morocco's hydrogen and helium potential."

Background

Morocco is emerging as a highly prospective market for natural hydrogen exploration, thanks to its favourable geological conditions and strategic location. The country's extensive onshore basins, rich in subsurface resources, are prime candidates for natural hydrogen discoveries. Morocco's commitment to renewable energy and its supportive regulatory framework further enhance its role as a key player in the global energy transition.

Natural (sometimes also referred to as "white", "gold", "geologic" or "native") hydrogen has the potential as a future disruptor in the energy markets, undercutting green and other low-carbon hydrogen energy sources, produced without CO2 emissions, at an estimated cost of around $1 per kilogram. Getech's workflows build on the understanding of genetic factors involved in developing a natural hydrogen system; categorising these into sources, migration paths, reservoirs, traps and seals in much the same way as the petroleum industry has successfully done for many decades.

Helium, crucial across sectors such as medical, electronics, aerospace, nuclear and telecommunications, is considered a "critical raw material" by the USA, EU, and Canada due to its irreplaceable nature. Helium and natural hydrogen are often found in the same reservoirs, significantly boosting the economic potential of such discoveries.

Further announcements will be made, as appropriate, in due course.

 

For further information, please contact:

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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