Getech defies gravity after licensing data

16th Jul 2012 09:53

Getech, a business which provides geological exploration studies to help oil explorers, has issued two licences for its global continental margins gravity and magnetic datasets.The company is set to trouser more than $0.6m from the sales of data which Getech has amassed over the last 25 years. For a company which had revenue of £5.33m in its last financial year, that is a fairly chunky amount and led to the shares rising as high as 24.5p in the morning session, up from 23.75p at Friday's close. The stock is now just a penny off its 52-week high.The firm's Chief Executive, Raymond Wolfson, said: "What we are currently seeing is an increased emphasis by our clients on global exploration. Our approach has for some time been to develop exploration data and studies at global and regional scales."BS