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."
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Getech Group plc
Richard Bennett, CEO
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Tel: 0113 322 2200
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Cavendish Capital Markets Limited
Neil McDonald / Pete Lynch
(Corporate Finance)
Michael Johnson / Dale Bellis
(Sales)
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Tel: 0207 397 8900
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Novella Communications
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Tel: 0203 151 7008
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Tim Robertson / Safia
Colebrook
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getech@novella-comms.com
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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.