REG - GETECH Group plc - Three Separate Contract Wins

GetechAnnouncement

15/04/2024 07:00

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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:  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/)
.

 

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