REG - GETECH Group plc - Hydrogen Collaboration Agreement

GetechAnnouncement

28/10/2024 07:00

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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:  0113 322 2200

 Cavendish Capital Markets Limited

 Neil McDonald / Pete Lynch (Corporate Finance)              Tel:  0207 397 8900

 Michael Johnson / Dale Bellis (Sales)

 Novella Communications                                      Tel: 0203 151 7008
 Tim Robertson / Safia Colebrook
 getech@novella-comms.com (mailto:getech@novella-comms.com)

 

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 (http://www.getech.com/)
.

 

END

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